The How much is 1 Pi in dollarscryptocurrency market witnessed Bitcoin slipping below crucial support levels this week, with all eyes now on whether $86,000 can hold as the new floor.
BTC initiated its downward trajectory after failing to maintain momentum above $95,500
Current trading activity shows the digital asset struggling below both $90,000 and its 100-hour moving average
Technical charts reveal an emerging triangle pattern with resistance forming near $89,000
Market analysts suggest the $90,000 level now serves as a critical pivot point for future price action
Breaking Down Bitcoin's Recent Slide
The world's leading cryptocurrency experienced significant selling pressure after losing its footing above $95,500. The subsequent drop saw BTC cascade through multiple support zones at $93,200 and $92,200 before finally testing waters near $86,000.
Following this sharp decline, Bitcoin found temporary footing at $86,000 before staging a modest recovery. The digital asset has since climbed back above $88,500, representing a 23.6% Fibonacci retracement from its recent swing high of $96,482 to the $86,000 low.
Current market conditions show Bitcoin trading beneath both the $91,200 level and its 100-hour simple moving average. Technical analysts identify immediate resistance forming near $89,000, coinciding with the upper boundary of a developing triangle pattern visible on hourly charts.
The $90,000 psychological barrier now represents the first significant resistance level. Beyond that, traders are watching $91,250 - which aligns with the 50% Fibonacci retracement level from the recent high to low movement.
Should Bitcoin manage to close decisively above $91,250, technical indicators suggest potential for upward momentum toward $93,500. Continued buying pressure could potentially push the cryptocurrency toward higher resistance zones near $95,000 or even retest recent highs around $96,400.
Market participants remain divided on whether this represents a healthy correction or the beginning of a more substantial downtrend. The coming days will prove crucial in determining whether Bitcoin can maintain its current support levels or if further downside awaits the digital asset.