This morning started with volatility. Bitcoin ($BTC ) is trading around $89,200, but technical indicators on Investing.com are signaling the formation of a "bear flag" on the 4-hour timeframe.
Analysis for today:
Miner pressure: Due to the increase in network difficulty (new ATH today!), some average miners have started to take profits, creating sell walls around $91,000.
Waiting for the Fed: The market is holding its breath before tomorrow's data. Everyone is waiting to see if the regulator will confirm a pause in rate hikes.
Key levels: Support at $88,500 is hanging by a thread. If we fall below — the next stop is $84,000.
Forecast: The evening session in the US will be decisive. If we don't move back above $90,500, prepare for a local "spill."
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