Bitcoin has started a modern decline, approaching the key support level of $93,257, which has recently proven to be a battleground for bulls. The question remains whether buyers will be able to regain control and defend this level again. As uncertainty looms, all eyes are on this critical zone that could determine whether Bitcoin rebounds or faces a deeper downward trajectory.

As market volatility increases, this article aims to delve into BTC’s renewed decline towards the $93,257 support level, assessing the likelihood of a bullish defense at this critical juncture. Researches technical patterns, market sentiment and key levels to better gauge Bitcoin’s next price direction.

Bitcoin retreats towards $93,257

On the 4-hour chart, BTC is showing negative sentiment, trying to fall below the 100-day uncomplicated moving average (SMA) as it trends downwards, with a target support level of $93,257. Moreover, it suggests a further decline to this support sales pressure is intensifying, and if support is not maintained, assets may experience further declines.

Additionally, analysis of the 4-hour chart shows that the Relative Strength Index (RSI) is currently at 44% after failing to break above the 50% level. This means fighting to stay up momentum and indicates moderate bearish pressure, suggesting cautious market sentiment. If the RSI continues to decline, it could signal increased selling activity.

On the daily chart, the cryptocurrency giant is showing a significant decline movementhighlighted by bearish candlesticks after a failed recovery attempt, which hit a previous high of $99,575. The inability to maintain the previous upward trend means a lack of buyer confidence and pessimism sentiment available. As Bitcoin pursues the $93,257 support level, selling pressure may intensify, raising concerns about the possibility of a breakdown.

Finally, the 1-day RSI shows increasing bearish momentum, with the signal line retracing to 62% from the overbought zone. This means that the upward pressure is ending and there may be a change in market sentiment. Given that the RSI continues to decline, this could signal a pullback or consolidation as buying interest declines and the potential for bears to take over.

Market sentiment: Bulls vs. Bears at $93,257

Bitcoin is currently heading to retest the critical support level of $93,257, setting the stage for a battle between bulls and bears. If the bulls manage to defend this key level, BTC could begin to rise again, aiming for the previous high of $99,575. A successful break above this level could pave the way for a modern all-time high.

But should bears dominate in this? support level, Bitcoin may continue its decline towards the $85,211 level. A break below this level could trigger further declines, pushing the price towards additional support zones.

Featured image from Unsplash, chart from Tradingview.com