Bitcoin Plunges Below $90K: A Deep Dive into Recent Market Volatility

Bitcoin Price Takes a Hit: A Closer Look at the Recent Market Fluctuations

Bitcoin, the world's leading cryptocurrency, has experienced a significant decline in recent days, with its price falling below the crucial $90,000 support level. As of now, BTC must maintain a position above the $86,000 zone to avoid further losses in the near term.

Bitcoin's price started a fresh decline from the $95,500 zone, pushing it below $90,000 and the 100-hourly Simple Moving Average (SMA). A short-term triangle is forming on the hourly chart of the BTC/USD pair, with resistance at $89,000. If Bitcoin fails to stay above the $90,000 zone, it could trigger another decline.

Bitcoin price dipped sharply, failing to maintain its position above the $95,500 level and starting a fresh decline. BTC fell heavily below the $93,200 and $92,200 support levels, even diving below the $90,000 mark. It tested the $86,000 zone, forming a low at that level before consolidating losses. Currently, Bitcoin is trading above the $88,500 level and the 23.6% Fib retracement level of the downward move from the $96,482 swing high to the $86,000 low.

Bitcoin is now trading below $91,200 and the 100-hourly SMA. On the upside, immediate resistance is near the $89,000 level, with a short-term triangle forming on the hourly chart of the BTC/USD pair. The first key resistance is near the $90,000 level, followed by the $91,250 level or the 50% Fib retracement level of the downward move from the $96,482 swing high to the $86,000 low.

A close above the $91,250 resistance might push the price further higher, potentially testing the $93,500 resistance level. Any more gains could send the price toward the $95,000 level or even