Bitcoin Faces Resistance Amidst Downside Correction
- Bitcoin price started a downside correction below $92,500, struggling near $92,000.
- BTC traded below the $91,200 zone and is under the 100 hourly Simple moving average.
- A bearish trend line with resistance at $92,000 is forming on the hourly BTC/USD chart.
- Immediate support levels are at $90,650 and $90,300.
- Major resistance levels are identified at $91,500 and $92,000.
Bitcoin’s price correction saw it dip below critical support zones to test a low of $89,225 before attempting recovery above $90,500. The current trading scenario shows BTC facing significant resistance around the $92,000 mark due to a bearish trend line.
If Bitcoin fails to surpass the immediate resistance near $92,000, it could face further declines towards support levels at $89,250 and potentially lower to $88,500 or even $87,250 if selling pressure persists.
