Bitcoin Continues Lower, Raising Fears That $90K Support May Not Hold
Overview
Bitcoin’s price has experienced a significant decline, failing to recover above a critical level. As it continues to trend downward, concerns are mounting regarding the sustainability of support near $90,000.
Current Price Action
Bitcoin’s price has dropped over 4%, failing to regain levels above $95,000. The cryptocurrency began a fresh decline, moving below key levels of $94,000 and $93,500. Currently, Bitcoin is trading below $93,000 and the 100 hourly Simple Moving Average, indicating a bearish trend.
A bearish trend line is forming with resistance identified at $95,850 on the hourly chart of the BTC/USD pair. If Bitcoin settles below the $91,500 zone, it could continue to decline further.
Bearish Momentum
The price was unable to maintain a position above the $93,500 pivot level, with bearish sentiment prevailing. This pressure has pushed Bitcoin’s price below the $92,000 level. A low was recorded at $90,700, with the price now showing bearish signs beneath the 23.6% Fibonacci retracement level of the recent decline from the swing high to the recent low.
If any recovery occurs, resistance is anticipated near the $92,500 level. The first key resistance is near $93,250, coinciding with the 50% Fibonacci retracement level of the recent decline. Additional resistance levels are positioned at $93,800 and $94,500. A close above $93,800 could potentially lead to further upward movement.
Potential for Further Declines
Should Bitcoin fail to rise above the $93,500 resistance zone, another decline may be imminent. Immediate support is identified near the $90,800 level, with major support levels at $90,500 and $90,000. If losses continue, the price could approach the $88,000 support level in the near term, while the main support is situated at $86,500.
Technical Indicators
- Hourly MACD: Currently gaining momentum in the bearish zone.
- Hourly RSI: The Relative Strength Index for BTC/USD is below the 50 level.
Impact on the crypto market
- Bitcoin’s inability to recover above $95,000 may lead to increased bearish sentiment among traders.
- Ongoing declines could trigger further selling pressure, particularly if support levels near $90,000 fail to hold.
- Resistance levels may deter any potential recovery, prolonging the bearish trend.
- Market participants will be closely monitoring the technical indicators for signs of a reversal or further decline.
Updated: 11/18/2025, 3:15:08 AM
