Bitcoin and Solana break key psychological support levels…technical indicators also warn of further declines
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Summary
- The report said Bitcoin fell below the $90,000 psychological support level, the golden cross zone, and the uptrend line, weakening expectations for a short-term rebound.
- It added that technical indicators—ADX 30.5, RSI 41.7, a break below the 200-day EMA, and the $80,600 support zone—suggest the potential for further downside in Bitcoin.
- It noted Solana is seeing increased weakness and deteriorating sentiment, including a break below the 200-day EMA, death cross risk, $117 and $100 support zones, and being down about 50% from its peak.
Major cryptoassets (cryptocurrencies) such as Bitcoin (BTC) and Solana (SOL) are breaking successive technical support levels, reinforcing broader weakness across the crypto market. Both assets have fallen below the so-called “golden cross” zone, rapidly eroding expectations for a short-term rebound.
According to a report by Decrypt on the 21st, Bitcoin has dropped below $90,000—seen as a psychological support level—and is trading around $89,208. Over the past 14 hours, it is down about 3.6%, and the uptrend line that had held since the December low last year has also been broken. As a result, the former support level has now turned into resistance.
Technical indicators are also flashing bearish signals. Bitcoin’s Average Directional Index (ADX) fell to 30.5 from the previous day, indicating the strength of the uptrend is weakening rapidly. The Relative Strength Index (RSI) stands at 41.7—not yet in oversold territory—but is being read as leaving room for further downside. On the daily chart, the next major support zone is around $80,600, roughly 10% below the current price.
Bitcoin has also fallen below its 200-day Exponential Moving Average (EMA), a key gauge for assessing longer-term trends. When prices drop under this level alongside a large bearish candle, markets often see further correction rather than a short-term rebound, heightening caution.
Solana is showing a similar pattern to Bitcoin. Solana fell about 5.1% over the past 24 hours to $126.61, breaking below its 200-day EMA. With the short-term 50-day EMA moving beneath the 200-day EMA, the possibility of a so-called “death cross” is being raised again.
On the chart, Solana’s near-term support is seen around $117. If that level breaks, analysis suggests the path could open for additional declines toward $100. Considering Solana traded above $250 in September last year, the current price is down about 50% from its peak.
Market sentiment is also contracting quickly. On Decrypt’s prediction-market platform Myriad, the share of bets on Bitcoin falling to $69,000 before reaching $100,000 dropped sharply in just one day. For forecasts that Solana will set a new all-time high before July this year, 90% of funds are taking a negative view.
