The Bitcoin market has recently entered a downward trend. Although trading activity remains strong, technical indicators continue to signal further downside risk. In light of these conditions, is the current selling pressure likely to persist, or could the market be approaching a potential rebound?
Key levels
- Resistance: $88,500, $89,500, $90,500
- Support: $86,000, $85,000, $84,000
Bitcoin market data
- Market Cap: $1.74T
- Current Price: $87,300
- Circulating Supply: 19.96M BTC
- Total Supply: 19.96M BTC
- Ranking: #1
Bitcoin Daily Chart
The Bitcoin daily chart points to a prevailing bearish sentiment, as price action remains below the middle Bollinger Band. Bitcoin is currently trading around the $87,000 level and may experience further downside if it retests the $86,000 zone. A daily close below this area could increase selling pressure, potentially driving the price toward the $85,000 and $84,000 levels. Moreover, the Relative Strength Index (RSI) hovering near 43.00 suggests that bearish momentum may continue.
On the upside, any rebound attempt is likely to encounter initial resistance around $88,500. Should buying interest strengthen, Bitcoin could face additional resistance at higher levels of $89,500 and $90,500 respectively, which may limit further upward movement unless strong bullish momentum develops.
Bitcoin 4-hour Chart
The Bitcoin 4-hour chart also reflects a bearish market structure, with price trading slightly below the middle Bollinger Band. This aligns with the daily chart outlook, where Bitcoin remains under the same key indicator, reinforcing the prevailing downside bias. Currently trading around the $87,000 level, a retest of the $86,000 zone could trigger additional selling pressure. A daily close below this support may expose the market to further declines toward the $85,000 and $84,000 levels. Additionally, the presence of RSI divergence suggests that bearish momentum may still be dominant.
On the upside, any recovery attempt is likely to face initial resistance near the $88,500 level. If buying pressure increases, Bitcoin could encounter stronger resistance at $89,500 and $90,500 respectively. These levels may cap upward movement unless sustained bullish momentum emerges to shift the broader market sentiment.
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