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Bitcoin moved lower after a clear rejection at the $93,110 bearish order block. The move followed a precise reaction at the 0.618 Fibonacci retracement at $91,041. Crypto Patel shared the update on X alongside a detailed chart. The drop pushed Bitcoin to $85,700 and placed $76,342 as the next target. The bearish invalidation shifted to $93,110 from $106,450, creating a tighter structure.
The decline came after Bitcoin broke below a multi-month ascending trendline. That trendline supported strong rebounds in May, June, and August. Bitcoin retested it in late October and was rejected sharply. The chart showed a fast 35,160.6-point decline, equal to 30.37%. A large displacement candle captured the move.
Bitcoin attempted a small recovery into fair value gaps at $96,887 and $103,130. Yet price failed to reclaim either zone. The bearish order block at $93,110 remained intact and rejected the move. Bitcoin held near $85,819, which was just above the 0.786 Fibonacci retracement at $83,308.
A marked blue low on the chart showed liquidity collection. That low created a short bounce into nearby resistance. A fair value gap under $90,000 added more pressure. The long diagonal trendline flipped into resistance after the breakdown. Several dashed lines mapped old Fibonacci levels from the $120,194 high.
A broad orange region marked “Bullish Order Flow” between $69,100 and $64,650. It acted as a long-term support zone. Despite that, Patel pointed to $76,342 as the next likely target. The level is aligned with the 1.0 Fibonacci projection at $74,402. The price path suggested a deeper liquidity search.
While the chart signaled weakness, another development supported this view. CoinDesk reported that a major momentum indicator turned negative. The monthly MACD histogram printed a red bar below zero. The reading appeared in November as Bitcoin fell more than 17%.
The negative MACD reading ended the short rally that began near $20,000. The indicator suggested that bears regained control. Several macro risks added weight to the shift. Japan faced fiscal strain, which affected risk appetite. The dollar index stayed firm despite talk of Federal Reserve cuts. Treasury yields also held high levels during the period.
Additionally, spot Bitcoin ETFs recorded outflows. These flows added to downside pressure. CoinDesk noted that $84,500 formed the first support. The level is aligned with a trendline connecting higher lows from 2023 and 2024. A break could expose April’s low near $74,500. It could also bring the 2021 peak near $70,000 back into focus.
One critical question followed the technical and macro data: Can Bitcoin hold its remaining support zones as momentum weakens?
Either also signaled weakness. The asset confirmed a death cross pattern. Its 50-day simple moving average crossed below the 200-day simple moving average. The pattern reflected underperformance in short-term price action. Analysts tracked the shift as a potential move toward deeper bearish pressure. The pattern placed Ether in a cautious technical position.
Bitcoin continues to track a bearish path after rejecting $93,110 and sliding toward the $76,342 target. Chart signals, ETF outflows, and a negative MACD histogram strengthen downside momentum. Traders may watch support levels closely as technical and macro pressures build across the wider market.
Read More: Will Bitcoin See a Short-Term Recovery or a Deeper Correction?
