Bitcoin Plummets 13000 in 36 Hours, Faces Key Resistance at 92000

Bitcoin has been experiencing a clear downtrend, with strong resistance at $90,000. Key indicators suggest that the selling pressure may continue, pushing the price further down. The cryptocurrency's price surged from $85,000 to $95,000 following a significant announcement, but it then dropped by $13,000 in just 36 hours, settling under $82,000 by Tuesday. This volatility highlights the challenges Bitcoin faces in maintaining its value.

Currently, Bitcoin is attempting to break through the $92,000-$93,000 resistance level after a recent bounce. This resistance level is crucial for traders to watch, as a breakout could signal a bullish trend, while a reversal could indicate further downside. Key levels to monitor include resistance at $87,500, $89,000, and $91,100, and support at $85,500 and $85,218. These levels are critical for understanding the potential price movements of Bitcoin in the near future.

Bitcoin has struggled to maintain its position above the $90,000 mark, tracing back to $87,289.57, down 2.12% in the last 24 hours. The market's bearish sentiment is evident, with the cryptocurrency facing significant challenges in sustaining its value. The recent executive order establishing a Bitcoin Strategic Reserve is a major development in the crypto space, but its impact on the price remains to be seen. Traders are closely watching the consolidation and resistance levels, as these indicators could provide insights into the future price movements of Bitcoin.