Technical Analysis of Bitcoin:

The BTC/USDT pair is trading within a descending channel dating back to early October. The pair is also trading below its 50-day and 200-day simple moving averages. Recently, the price faced resistance at the $94,000 level, retreating to test the 78.6% Fibonacci retracement level at $85,000.

Sellers, supported by an RSI (Relative Strength Index) below 50, will aim to break the $85,000 level to extend the decline to $80,000, which is the lowest level in November and the midpoint of the descending channel. If the price drops below this level, the $74,400 level, the lowest point in 2025, will come into play.

If the support level at $85,000 holds, buyers will aim to rise toward $90,000. A rise above $94,000, which is the 78.6% Fibonacci retracement level, is necessary to form a higher peak and reach the $100,000 level.