Bitcoin has entered another phase of correction, and at the time of writing, according to data from TradingView, it has dropped to as low as $96,000. At first glance, it may seem that the pace of decline should slowly lose momentum, but the current development shows the opposite trend.

Bitcoin continues to decline

During the first wave, the value fell by approximately 18%, the following wave drained another 15%, and the latest one brought a drop of around 13%. Interestingly, despite smaller percentage losses, these declines are coming faster.

While the 18% drop took 11 days, the current 13% correction happened within 3 days. This phenomenon indicates an intensifying selling pressure that is not fading but rather increasing. Because of this, speculation is growing that the price could test the $90,000 level.

The overall decline within this correction reached nearly 25% at its lowest point, making it the third-largest correction in the entire cycle since the beginning of 2023. The two previous correction phases were even stronger and brought drops of around 32%. This historical context suggests that a similar development would push the price below $86,000.

Nevertheless, there is still a chance that such a scenario may not materialize, as the market price is currently holding at a key support level.

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Main support zone

The strongest support is forming within a broad range between $93,000 and $99,000. Only after breaking this zone would traders shift their attention to lower values, specifically to the levels of $87,000 and later $84,000.

Although concerns about a further decline are justified, the market still has enough buyers who react quickly and attempt to keep the price above the mentioned support zone. The fact that individual drops occur within shorter timeframes may indicate that the market is trying to find equilibrium as quickly as possible.

The tension between buyers and sellers is increasing. However, if buyers fail to hold their ground, the market may test lower levels. On the other hand, Bitcoin may perform a sharp trend reversal, which is quite common after such rapid corrections.

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