[Analysis] "Bitcoin’s correction deepens…$90,000 support emerges as key inflection point"

Bitcoin extended its pullback, sliding toward a major support zone. While attempts at a short-term rebound are continuing, the market is focused on whether the $90,000 level can hold.

According to a report by NewsBTC on the 8th (local time), analyst Aayush Jindal said, "Bitcoin entered a downside correction after failing to hold the $94,500 peak," adding, "It is currently trading below $92,000 and remains in a short-term bearish phase."

After breaking below $94,000, Bitcoin slipped under $93,200 and $92,500 in succession, widening its losses. It later fell as low as $90,650 to form a bottom, and is currently in a limited corrective phase within the broader decline. The price has tested the 23.6% Fibonacci retracement level between the recent swing high of $93,771 and the swing low of $90,666.

Bitcoin is currently trading below the 100-hour simple moving average and $92,000. On the hourly chart, a downward trendline has formed around $92,650, which is described as acting as near-term resistance.

Jindal said, "A rebound attempt could emerge if the price stabilizes above $90,500." Near-term resistance is cited at $91,400, followed by the $92,200 and $92,500 zones. If Bitcoin breaks above $92,500, it could target $93,050, and a retest of $93,800 and $94,000 was also mentioned.

Conversely, if the rebound fails, further downside remains possible. Immediate support is at $90,500, with the key support level indicated at $90,000. If $90,000 gives way, selling pressure could extend toward $89,000, and further to $87,200 and $86,000, the analysis said.

On technical indicators, the hourly MACD is maintaining downside pressure in bearish territory, while the relative strength index (RSI) is below the 50 level. The analyst said, "Near-term direction is likely to be determined by whether support holds."