Bitcoin price analysis (Bearish) — 97556.00 USDT (-5.84% 24h)

Bitcoin faces significant headwinds as it trades at $97,556, down nearly 6% over 24 hours and slipping below key moving averages. The current price sits below both the 20-day SMA ($99,564) and 50-day SMA ($101,570), indicating bearish momentum in the near to medium term. The RSI reading of 35 suggests we’re approaching oversold territory, which could present a potential buying opportunity for contrarian traders. However, with volatility remaining elevated at 2.35% and trading volume holding strong at $4.42 billion, the market appears to be in a corrective phase rather than a full-blown capitulation. Traders should watch for support around the $95,000-$96,000 level, where we might see accumulation from long-term holders. Short-term traders might consider scaling into positions cautiously, while swing traders should wait for a confirmed reversal pattern before entering new long positions. Risk management remains crucial in this volatile environment.