BTC Technical Outlook: Price Tests Major Support as Oversold Conditions Deepen

BTC continues to trade under heavy bearish pressure after the strong rejection from the $118,000–$120,000 zone, where a clear triple-top structure formed. This repeated failure to break higher triggered an extended sell-off, pushing BTC below all key EMAs — 20, 50, 100, and 200 EMA — confirming strong downside momentum.

The price has now dropped into the $91,000–$93,000 support zone, only slightly above the key $88,888 Fibonacci 0 level, which represents the last major support before deeper downside risk. Sellers remain dominant as long as BTC stays below the 0.236 Fib ($97,692) and the $100,000 psychological level.

Despite the heavy correction, the RSI at 31 shows deeply oversold conditions, indicating potential for a short-term relief bounce. However, any bounce remains vulnerable unless BTC can reclaim $103,138 (0.382 Fib) and break above the 50 EMA at $106,460.

A stronger trend reversal would require a breakout above the 0.5 Fib ($107,540) and 100 EMA at $108,998, which currently act as strong overhead resistance.

📊 Key Levels to Watch

Resistance:
• $97,692 (0.236 Fib)
• $103,138 (0.382 Fib)
• $107,540 (0.5 Fib)
• $111,942 (0.618 Fib)

Support:
• $93,000
• $91,300
• $88,888 (Major Support Zone)

RSI: 31 — heavily oversold

📌 Summary

BTC is holding above crucial support after a steep decline. Oversold signals hint at a possible bounce, but the trend remains bearish unless bulls reclaim $100K+ and flip key Fib levels back into support. A breakdown below $88,888 could trigger further downside.

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