BTC Price Dips Below $92K: $90,000 Support Test – Hold for Bulls or Deeper Correction Ahead?

The Bitcoin price has now lost more than $7,000 in this latest corrective phase. Currently having dipped under $91,000, will the price continue this bearish price action, or is a bullish wave just around the corner?

Probabilities are of a bounce from here.

.As can be seen in the 4-hour chart above, the $BTC price is at a crucial stage. It has reached the bottom of the ascending triangle, which also has the $90,000 horizontal support level not far below it. A fall through this level could take the price back down to the major trendline.

.If this were to happen, this would mean a failure of the ascending triangle. That said, a fakeout has already taken place to the upside, so perhaps one to the downside might balance things up.

.The probabilities are that a bounce will take place from here, given the strong supports underneath. Also, the Stochastic RSI indicators have hit bottom again, so a move back towards the top becomes more of a possibility.