Ah, dear Bitcoin, once so proud and lofty above $95,000, now finds itself in a most unfortunate descent! Alas, it grapples with its losses, teetering on the edge of $92,000 like a clumsy dancer at a ball. Will it hold its ground or tumble further into despair?
- Our friend Bitcoin has started its sharp descent, dropping below the illustrious marks of $95,000 and $94,000.
- As if sulking, it now trades beneath $93,500, far from the comforting embrace of the 100-hourly Simple Moving Average.
- It even broke free from its declining channel, leaving behind the support at $93,550-oh, what a tragic parting!
- Should it linger below the grand threshold of $94,000, prepare for more dismal days ahead.
Bitcoin’s Dramatic Downfall
Alas, the valiant Bitcoin could not maintain its noble stature above the $94,500 support and began its fresh decline. With a swift fall below $94,000 and $93,500, it truly is a tale of woe!
In a most unfortunate turn, it dipped below the 61.8% Fibonacci retracement level, as if slipping on a banana peel from $89,995 to $97,898. The charts tell a story of despair with the break beneath the once supportive $93,550.
Oh, but it gets worse! The price plummeted below $92,000, testing the depths of the 76.4% Fibonacci retracement level. Currently, it flounders below $93,500, far from the 100-hourly Simple Moving Average, which has evidently forsaken it.
If our dear Bitcoin can muster a bit of courage to stay above $92,000, it might attempt a desperate rise! The immediate resistance awaits at $93,000, with the first key resistance looming threateningly at $93,500.
But fear not, for a glimmer of hope exists at $94,000! Should it close above this mighty barrier, a rally towards $95,000 may ensue. Who knows? Perhaps the bulls will rise again, aiming for $96,200 and $96,400!
Will Bitcoin Slip Further?
Yet, if our beleaguered Bitcoin cannot triumph over the $93,500 resistance, prepare for yet another miserable decline. Immediate support lurks near $92,000, with the first major support at a paltry $91,800.
And should the gloom continue, $91,300 shall become its next abode, with further losses potentially dragging it down to $90,500. The ultimate low lies at the dreaded $90,000, below which Bitcoin may find itself in dire straits.
Technical indicators:
Hourly MACD – Our MACD, alas, is losing steam in the bearish realm.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD now languishes below the fabled 50 level.
Major Support Levels – $92,000, followed closely by the mournful $91,800.
Major Resistance Levels – The daunting $93,000 and the elusive $93,500.
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2026-01-19 06:08