{"id":654968,"date":"2024-11-26T15:00:21","date_gmt":"2024-11-26T15:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=654968"},"modified":"2024-11-26T10:58:48","modified_gmt":"2024-11-26T10:58:48","slug":"bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\/","title":{"rendered":"Bitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses"},"content":{"rendered":"

Bitcoin<\/span> (BTC) stands firm at $93,257, a crucial support level that could determine its next major move. As the battle between <\/span>bulls<\/span><\/a> and bears intensifies, the stakes are high: a successful defense could spark renewed momentum, while a break below might trigger significant losses.\u00a0<\/span><\/p>\n

As the market navigates this pivotal moment, this article aims to analyze BTC\u2019s current position at the critical $93,257 support level, exploring the factors influencing its price movement. By examining key technical indicators and <\/span>market<\/span><\/a> dynamics, the goal is to assess whether the bulls can defend this level and potentially drive a rebound or if a break below could cause deeper losses.<\/span><\/p>\n

Analyzing The Recent Price Action Of Bitcoin<\/h2>\n

Bitcoin is facing a <\/span>bearish<\/span> trend, attempting to break below the $93,257 support level. If this continues, BTC could test the 100-day SMA on the 4-hour chart, which could act as support or signal further weakness. A failure to hold above this level might lead to a deeper <\/span>correction<\/span><\/a> and possibly more notable losses toward lower support zones.<\/span><\/p>\n

\"Bitcoin\"
Bitcoin on the brink of dropping below the $93,257 support level | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

The 4-hour Relative Strength Index (RSI) analysis shows that BTC may continue its decline, as the RSI has dropped to 35%, indicating increasing selling pressure. A reading below 50% suggests a weakening <\/span>bullish<\/span><\/a> trend and raises the likelihood of more declines. If the RSI continues to dip, it could signal that Bitcoin is entering a prolonged bearish phase.<\/span><\/p>\n

Related Reading: Bitcoin Rally Pauses Before $100K\u2014Here\u2019s What Could Happen Next<\/a><\/div>\n

Despite trading above the key 100-day SMA, Bitcoin is showing strong negative momentum on the daily chart, highlighted by bearish candlesticks and increasing <\/span>selling pressure<\/span><\/a>. This suggests that the crypto asset is struggling to sustain its upward strength, and if the downtrend continues, it may lead to large corrections and test lower support levels.<\/span><\/p>\n

\"Bitcoin\"
BTC showing bearish performance despite rising above the 100-day SMA | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

Lastly, the RSI on the daily chart has dropped to 63% from the overbought zone, signaling a shift in market sentiment. This implies that <\/span>buying<\/span><\/a> pressure is easing, and the bullish momentum may be weakening. A move away from the overbought area could signal the start of a consolidation phase or the onset of a corrective pullback.<\/span><\/p>\n

Potential Scenarios: Rebound Or Breakdown?<\/h2>\n

As Bitcoin tests key support levels, a rebound or a breakdown is expected. Thus, if the bulls manage to defend critical levels like $93,257, BTC witness a rebound, gaining upside strength and targeting its previous high of $99,575. Furthermore, a break above this level may pave the way for the digital asset to set <\/span>new highs<\/span><\/a>, extending the bullish trend.<\/span><\/p>\n

Related Reading: Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance<\/a><\/div>\n

However, if selling pressure intensifies and BTC successfully breaks below the $93,257 mark, it could drop through key support zones, potentially triggering further declines toward the $85,211 support range and beyond.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $92,943 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Adobe Stock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) stands firm at $93,257, a crucial support level that could determine its next major move. As the battle between bulls and bears intensifies, the stakes are high: a successful defense could spark renewed momentum, while a break below might trigger significant losses.\u00a0 As the market navigates this pivotal moment, this article aims to analyze BTC\u2019s current position at the critical $93,257 support level, exploring the factors influencing its price movement. By examining key technical indicators and market dynamics, the goal is to assess whether the bulls can defend this level and potentially drive a rebound or if a break below could cause deeper losses. Analyzing The Recent Price Action Of Bitcoin Bitcoin is facing a bearish trend, attempting to break below the $93,257 support level. If this continues, BTC could test the 100-day SMA on the 4-hour chart, which could act as support or signal further weakness. A failure to hold above this level might lead to a deeper correction and possibly more notable losses toward lower support zones. The 4-hour Relative Strength Index (RSI) analysis shows that BTC may continue its decline, as the RSI has dropped to 35%, indicating increasing selling pressure. A reading below 50% suggests a weakening bullish trend and raises the likelihood of more declines. If the RSI continues to dip, it could signal that Bitcoin is entering a prolonged bearish phase. Related Reading: Bitcoin Rally Pauses Before $100K\u2014Here\u2019s What Could Happen Next Despite trading above the key 100-day SMA, Bitcoin is showing strong negative momentum on the daily chart, highlighted by bearish candlesticks and increasing selling pressure. This suggests that the crypto asset is struggling to sustain its upward strength, and if the downtrend continues, it may lead to large corrections and test lower support levels. Lastly, the RSI on the daily chart has dropped to 63% from the overbought zone, signaling a shift in market sentiment. This implies that buying pressure is easing, and the bullish momentum may be weakening. A move away from the overbought area could signal the start of a consolidation phase or the onset of a corrective pullback. Potential Scenarios: Rebound Or Breakdown? As Bitcoin tests key support levels, a rebound or a breakdown is expected. Thus, if the bulls manage to defend critical levels like $93,257, BTC witness a rebound, gaining upside strength and targeting its previous high of $99,575. Furthermore, a break above this level may pave the way for the digital asset to set new highs, extending the bullish trend. Related Reading: Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance However, if selling pressure intensifies and BTC successfully breaks below the $93,257 mark, it could drop through key support zones, potentially triggering further declines toward the $85,211 support range and beyond. Featured image from Adobe Stock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":654971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,1119,1144,78790,93259,14763,91599,85676],"class_list":["post-654968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-relative-strnegth-index","tag-rsi","tag-simple-moving-average","tag-sma"],"acf":[],"yoast_head":"\nBitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) stands firm at $93,257, a crucial support level that could determine its next major move as bulls battle to take control.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-from-Adobe-Stock-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-from-Adobe-Stock-1.jpg?fit=540%2C360"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","relative strnegth index","rsi","simple moving average","sma"],"dateCreated":"2024-11-26T15:00:21Z","datePublished":"2024-11-26T15:00:21Z","dateModified":"2024-11-26T15:00:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Bitcoin-from-Adobe-Stock-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Bitcoin-from-Adobe-Stock-1.jpg?fit=540%2C360\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"relative strnegth index\",\"rsi\",\"simple moving average\",\"sma\"],\"dateCreated\":\"2024-11-26T15:00:21Z\",\"datePublished\":\"2024-11-26T15:00:21Z\",\"dateModified\":\"2024-11-26T15:00:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Bitcoin-from-Adobe-Stock-1.jpg?fit=540%2C360","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/654968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=654968"}],"version-history":[{"count":3,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/654968\/revisions"}],"predecessor-version":[{"id":654997,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/654968\/revisions\/654997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/654971"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=654968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=654968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=654968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}