Quick overview

Live BTC/USD Chart

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Bitcoin started a new downward trend after failing to hold support above $92,500. The price dropped sharply to $91,000 and $90,500 before bears decisively pushed it below $90,000.

The asset is currently consolidating losses after reaching a low of $87,784. Despite a slight rise above $88,500, the price remains below $90,000 and the 100-hour Simple Moving Average.

Key retracement levels have not been hit. On the hourly BTC/USD chart, a bearish trend line is forming, with resistance near $94,200.

Bitcoin may attempt a rebound if it stays above $88,000, with immediate resistance at $89,600 and a stronger barrier around $90,000.

A close above $91,650, which is the 50% Fibonacci retracement of the decline from the swing high of $95,475 to the low of $87,784, would be needed for further upside. Surpassing this level could push the price to $92,000 or even $94,000. On the downside, immediate support is at $88,800, followed by $88,000. The level at $86,200 might be at risk if the price drops below $87,500.

According to Coinglass, over $1.8 billion has been liquidated in cryptocurrency markets over the past 48 hours, with about 93% of those positions being long. The total market value has fallen to $3.08 trillion as the broader crypto market has lost around $225 billion in capitalization, its largest decline since mid-November.

Additionally, Bitcoin has dipped below its 50-day exponential moving average, which had provided support during the recent rally, indicating a shift in short-term momentum.