Bitcoin failed to hold above the key resistance of $93,000 in the early morning, leading to a violent decline in the market, with a low of $92,000 touched. The current price hovers around $92,300, having broken below the short-term moving average support on the hourly and 4-hour charts, and the technical structure has turned weak.
From the momentum indicators, the 4-hour MACD has formed a high-level death cross and is beginning to diverge, indicating that bearish momentum is accumulating. Meanwhile, the decline is accompanied by increased volume, but the rebound volume is shrinking, showing in
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