Bitcoin Bears Divergence Suggests Possible Correction Toward $92,000 Amid Key Support Tests
Main Idea
Bitcoin is showing signs of a potential price correction toward $92,000 due to bearish technical indicators and weakening support levels.
Key Points
1. Bitcoin is struggling to hold the $115,000 support level, risking a drop to $104,000.
2. Weekly RSI divergence indicates fading bullish momentum and potential deeper pullbacks.
3. Net Unrealized Profit/Loss (NUPL) suggests increased profit-taking, marking $123,000 as a probable local peak.
4. A full bearish divergence could see Bitcoin retrace to its 50-week EMA near $92,000.
5. The $115,000 level is critical for maintaining the bullish trend; failure to hold it may trigger further declines.
Description
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