$BTC Bitcoin remains largely in the hands of bears despite a sharp rebound on Monday to a high of $88,860. The area around $88,000 provides immediate support, but the declining Relative Strength Index (RSI), which stands at 41 on the daily chart, suggests that bearish pressure may continue.

A close below $88,000 is likely to prompt investors to reduce their risk exposure, as the Moving Average Convergence Divergence (MACD) indicator is below its signal line. The histogram bars developing below the zero line depend on increasing bearish momentum.

As downside risks emerge, the likelihood of Bitcoin sliding to test Sunday’s low at $86,075 and support on December 18 at $84,450 will significantly increase. Conversely, a push above the psychological barrier at $90,000 could build interest in Bitcoin. Looking ahead, the 50-day Exponential Moving Average (EMA) caps the upside at $91,358, the 100-day EMA at $94,808, and the 200-day EMA at $98,528.

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