BTC/USD Outlook: Attempting to break through the range again, failed at the key resistance level of $94,000

2026-01-07 16:44:57

Bitcoin declined for the second consecutive day on Wednesday, breaking below the key resistance level of $94,000 — this resistance is the 50% Fibonacci retracement level of the recent $107,502 to $80,514 range — which had previously caused multiple rebounds. The bearish hanging man pattern that appeared on Tuesday has intensified downward pressure. Immediate support is at $90,820 (breaking below the 38.2% Fibonacci retracement / daily conversion line), with other key supports at $90,000 (psychological level) and $89,580 (daily baseline / cloud bottom). Weakening momentum and a decline in the daily Relative Strength Index (RSI) (which has now fallen below the 7-day moving average) both indicate market weakness, but the convergence of the 10-day and 55-day moving averages could form a golden cross. Falling below $89,500 will turn the short-term trend bearish. Resistance levels: $92,050; $92,340; $93,150; $94,000. Supports: $90,823; $90,000; $89,580; $88,725.

BTC-2,22%

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