[Analysis] "Bitcoin correction deepens…$90,000 support level is the key inflection point"

Bitcoin has extended its correction, sliding toward a major support area. While attempts at a short-term rebound are continuing, the market is watching whether it can hold the $90,000 level.

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 that "it is currently trading below $92,000 and remains in a short-term bearish trend."

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

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

Jindal noted that if the price stabilizes above $90,500, a rebound attempt could emerge. Near-term resistance levels cited include $91,400, followed by $92,200 and $92,500. If Bitcoin breaks above $92,500, it could move toward $93,050, with the possibility of retesting $93,800 and $94,000 also mentioned.

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

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