Bitcoin is showing signs of a significant price correction toward $92,000 amid deteriorating technical indicators and weakening critical support levels. Market analysts warn this retracement could materialize if current bearish patterns persist.
The cryptocurrency faces immediate vulnerability at the $115,000 support level, where repeated failures to hold this floor could trigger an initial decline to $104,000. Technical deterioration includes a bearish divergence in Bitcoin’s weekly Relative Strength Index (RSI), indicating fading bullish momentum and increasing probability of deeper pullbacks.
Further reinforcing bearish sentiment, the Net Unrealized Profit/Loss (NUPL) metric shows heightened profit-taking activity among investors. This pattern historically signals local tops, with current data suggesting Bitcoin’s recent peak near $123,000 may represent a cycle high.
Should the technical structure fully confirm the bearish divergence, analysts project an extended correction toward Bitcoin’s 50-week exponential moving average near $92,000. Market participants are closely monitoring the $115,000 support as a crucial pivot point, as failure to maintain this level could accelerate downward momentum and disrupt Bitcoin’s broader bullish trend.