Bitcoin Slumps to $92,670 as 21-Day SMA Halts Rally
Bitcoin price recently slid to a low of $92,670 as it struggles to clear the 21-day simple moving average (SMA) resistance. After briefly correcting upward, Bitcoin was repelled by the 21-day SMA, reinforcing the bearish sentiment. Technical indicators on both daily and 4-hour charts show downward-sloping moving averages with price bars trading below these levels, confirming the downtrend. A break below the $88,500 support could trigger a further drop toward the 2.0 Fibonacci extension at $81,096, after BTC failed to hold its mid-range retracement around 50%. Key resistance levels lie at $95,000 and $100,000, while immediate demand zones are at $92,500 and $90,000. Traders will watch for a decisive move above the 21-day SMA to signal a bullish reversal or a break below support to extend losses.
Bearish
Bitcoin’s inability to breach the 21-day SMA resistance and the downward slope of key moving averages signal persistent selling pressure. The rejection at the SMA barrier echoes past episodes—such as the March 2025 pullback—where similar technical failures led to extended corrections. If BTC breaks below the $88,500 support, it is likely to accelerate toward the $81,096 Fibonacci extension, reflecting traders’ risk-off stance. In the short term, breakdowns below support may trigger stop-loss cascades and amplify volatility. Long-term investors are apt to await clear bullish confirmations, like a sustained close above the 21-day SMA, before initiating new positions. Overall, the prevailing indicators and trader behavior point to continued downside risk, reinforcing a bearish outlook until significant resistance levels are reclaimed.