Bitcoin is currently in a downtrend with oversold conditions. The RSI below 30 suggests potential for a bounce, but price remains below key moving averages. Recent price action shows strong resistance near $95,600 and support forming around $89,600.
Current Market Position
BTC is trading at $90,558, down from recent highs. The RSI of 20 indicates oversold conditions, which often precedes a short-term bounce. However, price remains below both the 20-day ($92,247) and 50-day ($92,628) moving averages, suggesting continued bearish pressure.
Support and Resistance Levels
Strong resistance sits around $95,600 based on recent local highs. Support has formed near $89,600, which has held multiple times during this decline. These levels provide clear boundaries for potential price movements.
Trading Strategy
With oversold conditions and established support, this could be a good entry point for short-term traders. Consider buying near support at $89,600 with a target to sell near resistance at $95,600. Always use stop-loss orders to manage risk.
Beginner Recommendations
Advice: buy
Buy Price: 89600 USDT
Sell Price: 95600 USDT
Key metrics
| Price | 90558.0800 USDT |
| 24h Change | 0.56% |
| RSI(14) | 20.19 |
| SMA20 / SMA50 | 92247.21 / 92628.11 |
| Daily Volatility | 2.80% |
| Sentiment | Neutral |
| Risk level | Medium |
Disclaimer: this material is for educational purposes only and does not constitute financial advice. Cryptocurrencies are highly volatile; always assess your own risk, investment horizon, and do your own research.
