QCP: BTC's decline deepened last week, with technical indicators showing bearish signals; $92,000 is a key support level.
According to ChainCatcher, QCP Capital analysis indicates that BTC's decline deepened last week, falling 27% from its all-time high and almost erasing all gains made this year. BTC broke below the 50-week moving average and, for the first time since May 4, closed the week below 100 thousands dollars, bringing a more cautious sentiment to the digital asset market.
On the technical side, BTC is currently hovering above the key support level of 92 thousands dollars, which served as strong support in the fourth quarter of last year and the first quarter of this year. The 92 thousands dollars area also coincides with an unfilled CME gap, and testing this level could trigger a short-term technical rebound. However, heavy overhead supply may limit the strength of any rebound.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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