Bitcoin (BTCUSD) is currently hovering around the 50-period Exponential Moving Average (EMA50), awaiting a potential negative trigger that could support expectations of a decline in the coming sessions. The immediate target for this bearish move is $93,405, with a break below this level potentially extending the correction towards $86,810.
However, if Bitcoin manages to break above the $101,050 mark, it would invalidate the bearish outlook, sending the price back into a bullish trend. This could pave the way for new historical highs, with the next target set at $106,000.
Today’s expected trading range for Bitcoin is between $92,000 as support and $100,000 as resistance.
Trend Forecast: Bearish
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