$BTC ##With the current price at 89620.01 USDT and RSI at 43.66, is the market showing signs of consolidation or further downside?

Key Information:

Current price: 89620.01 USDT

RSI(14): 43.66 (neutral to mildly bearish)

MACD: -114.48 (bearish momentum)

Price near 61.8% Fibonacci retracement (89597.26)

- ADX: 26.06 (moderate trend strength)

The market currently shows weak momentum, with the RSI hovering just below the neutral 50 level, suggesting neither strong buying nor selling pressure. The price is consolidating near the 61.8% Fibonacci retracement, which often acts as a key support, but the negative MACD and moderate ADX indicate lingering bearish sentiment. If the price fails to hold above this support, further downside is possible, but a sustained hold here could lead to short-term stabilization.

For now, traders should monitor price action around the 89597 level closely, a decisive break below may trigger further declines, while a bounce could signal a consolidation phase. Caution is advised until clearer directional signals emerge.