Bitcoin Falls as It Battles the $92,500 Barrier

The price of Bitcoin (BTC) fell on November 4 but remained above the $102,000 support level.

Bitcoin price long-term prediction: bearish

Bitcoin’s price fluctuated above its critical support before correcting higher. However, the upward correction was short-lived, as it was repelled by the 21-day SMA barrier. This rejection gave the bears an advantage in pushing Bitcoin below the psychological price barrier. Today, Bitcoin has dropped to a low of $92,670.

However, according to price predictions, the largest cryptocurrency is expected to continue falling. During the October 10 decline, as Coinidol.com reported previously, a retraced candle body approached the 50% Fibonacci retracement level. The retracement suggests that Bitcoin will fall even further, to the 2.0 Fibonacci extension level, or $81,096.

Technical indicators      

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  Key supply zones: $120,000, $125,000, $130,000

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  Key demand zones: $100,000, $95,000, $90,000     

BTC price indicator analysis

The horizontal moving average lines are sloping downward as BTC continues its decline. The 21-day SMA is preventing further upward movement of the cryptocurrency. On the 4-hour chart, the moving average lines are sloping southward, indicating a downtrend. The price bars are below the moving average lines, confirming the decline.

What is the next move for BTC?

The Bitcoin price is declining and has paused above the $88,500 support. The cryptocurrency corrected upward but was halted by the moving average lines, indicating a further decline for Bitcoin.

On the downside, the BTC price will continue to fall if the bears break below the $88,500 support. However, a break above the 21-day SMA barrier will signal the resumption of the bullish trend.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.