Bitcoin (BTCUSD) continued its decline yesterday, approaching the target of $93,405. Currently, the cryptocurrency is showing a bullish bias as it tests the EMA50, which acts as key resistance at $98,000. The price must stay below this level to maintain the negative outlook. A break below $93,405 would drive the price towards $90,670, followed by $86,810 as the next bearish targets.
As a result, the bearish trend remains the favored outlook for the near term. However, if the price breaches $98,000, it would invalidate the decline and shift the trend back to bullish, with potential gains starting at the historical high of $104,063.
The expected trading range for today is between support at $92,000 and resistance at $99,000.
Trend Forecast: Bearish
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