BTCUSD struggles to break above key $94K range ceiling

Bitcoin extended its losses for a second consecutive day on Wednesday, tracking weakness seen across many traditional safe-haven assets.

The downside intensified after repeated rejections at key resistance around $94,000, which aligns with the 50% retracement of the $107,502–$80,514 range and the short-term range top. Multiple breakout attempts have been capped here recently, with Tuesday’s Hanging Man candlestick providing an additional bearish signal.

Immediate support is under pressure near $90,820, corresponding to the broken 38.2% Fibonacci level and the daily Tenkan-sen. Additional nearby support levels include the psychological $90,000 mark and $89,580, representing the daily cloud base and daily Kijun-sen.

Technical indicators show fading bullish momentum, with the daily RSI turning lower and breaking below its 7-day moving average, signaling potential continuation of the downside. Some support may come from the converging 10- and 55-day DMAs, which are on track to form a bullish cross.

In the near term, price action remains in the upper portion of the six-week trading range, preserving a slight bullish bias. However, a break below the $90,000–$89,500 zone would weaken the structure and open the door for a deeper decline.

Overall, Bitcoin remains range-bound in the short term, and a decisive breach of either boundary would likely set the next meaningful directional move.

Res: 92050; 92340; 93150; 94000
Sup: 90823; 90000; 89580; 88725