Bitcoin (BTC) Price Prediction: Bears Target $85,000 After Crucial Support Breakdown

Bitcoin is currently trading just below the $90,000 mark and is still looking bearish on lower timeframes. As highlighted in our previous analysis, Bitcoin was retesting a crucial support zone around the $92,000 level, and how the price reacted to that level was key for its short-term direction. This week, Bitcoin lost this crucial area as support and fell below it. The price is now trading under the $90,000 mark, and the short-term outlook remains bearish. The macro trend for Bitcoin is also still leaning bearish, and we can expect a retest of even lower levels in the coming weeks. With that in mind, let's take a look at the latest Bitcoin charts to see where the price could be headed next.

Our Bitcoin Price Prediction Summary

• Bitcoin has lost the critical $92,000 support level, which has now flipped to resistance and shifted the short-term outlook to bearish.
• The breakdown below the $90,000 mark has increased the likelihood of a retest of the $85,000 and $80,000 support zones.
• The weekly timeframe remains bearish as an active RSI divergence and the price trading below the 50 EMA suggest further downward momentum.

Analyzing the Charts

Daily Breakdown and Market Impact

If we look at the latest 1-day charts for Bitcoin, the first thing to notice is that the price has broken below the $94,000 to $92,000 zone and has closed multiple daily candles below it. Previously, we saw the price break above this zone during a push by the bulls, but due to a lack of real momentum, it turned out to be a fake out, and the price has since dipped below once again. This breakdown has affected the broader market, with major altcoins like Ethereum and Solana also feeling the impact of Bitcoin losing this crucial support. Right now, the immediate support level we are eyeing for Bitcoin is the $85,000 mark. How the price reacts to this area in the coming days will be critical for its next move.

Trendline Support and Potential Targets

We also have a trendline support that is currently holding the price up for BTC on the 1-day timeframe. Right now, the bulls are managing to keep the price above this line, but as soon as it breaks below, the downtrend is expected to accelerate toward a retest of the $85,000 mark. After that, how the price reacts to $85,000 will be critical. While some sideways movement could occur above this level as buyers attempt to accumulate, a failure from the bulls to show up could see the $80,000 level come into play relatively soon.

Macro Outlook and Weekly Indicators

Lastly, looking at the 1-week timeframe for the macro picture, things still appear bearish. We still have the bearish divergence active that we have been watching for months now, and there has not been a significant relief rally strong enough to invalidate this signal. On top of that, BTC is also trading below the 50 EMA on the weekly timeframe, a condition that typically reflects a bearish market environment. Right now, both the short term and macro outlooks are pointing toward continued downward momentum. This is why our current Bitcoin price prediction remains leaning toward the bearish side.

Final Takeaway: What is Next for Bitcoin?

Bitcoin is showing clear signs of weakness after failing to hold the $92,000 support zone. The recent move above that level proved to be a fake out, and the price is now facing downward pressure below the $90,000 mark. While the trendline on the daily charts is currently providing some short-term support, a break below it will likely lead to a retest of $85,000. On top of that, in coming weeks we could even see a retest of the $80,000 mark if the sentiment remains the same. With the weekly bearish divergence still active and the price trading below the 50 EMA, the overall outlook remains bearish until the bulls can regain control of key level.