Bitcoin faces downward pressure, can it bounce back?
2024-11-26

In the recent trading session, Bitcoin (BTC/USDT) is showing signs of strong selling pressure as the price fluctuates around $94,300. The technical chart on the 1-hour chart shows that the price is currently testing important support and resistance zones.

Bullish scenario:
If Bitcoin can break above the trigger zone at $95,200, it will signal a recovery, with a target towards the resistance zone from $98,500. This will require support from positive market sentiment and money flowing back into the crypto market.

Bearish scenario:
On the contrary, if Bitcoin breaks the strong support zone at $92,557, the downtrend may continue with a target of a deeper drop to the $88,700 zone. This will be an important price level to assess the selling momentum in the market.