Bitcoin [BTC] Plunges to Three-Month Low of Nearly $86,000, Setting the Stage for a 20% Quarterly Drop

This downturn comes after weeks of defending key price levels, ultimately breaking Bitcoin's long-term market structure and signaling the potential for extended bearish momentum.

Bitcoin (BTC) price slid to a three-month low of nearly $86,000 on Friday, marking its steepest quarterly drop of approximately 20% since August 2024.

This downturn follows weeks of defending key price levels, ultimately breaking Bitcoin’s long-term market structure and signaling the potential for extended bearish momentum.

The Relative Strength Index (RSI) suggests that Bitcoin has entered oversold territory, reinforcing concerns that a swift recovery may not be imminent.

After a brief rally from the $80,000 support, Bitcoin encountered strong resistance at the $97,927 level, which serves as the final barrier for a potential reversal of the ongoing downtrend. A breakout above this resistance could signal a shift in momentum and pave the way for a continuation of the bull market.

However, if the prevailing bearish momentum persists, a further decline below the critical $86,110 support remains a strong possibility. This support level is crucial for determining the short-term trend and could significantly impact the market’s direction.

The market’s next move will largely depend on whether BTC attracts enough buying pressure to shift sentiment, or if continued weakness fuels another wave of sell-offs.

As expected, Nic Puckrin, the founder of “The Coin Bureau” put it best when he said,