QCP: BTC's decline deepened last week, and technical indicators have shown bearish signals. $92,000 is a key support level.

According to Mars Finance, QCP Capital analysis indicates that BTC's decline deepened last week, falling 27% from its all-time high and almost erasing all of its gains this year. BTC broke below its 50-week moving average and closed below $100,000 for the first time since May 4th, bringing increased caution to the digital asset market. Technically, BTC is currently hovering above the key support level of $92,000, a level that served as strong support in the fourth quarter of last year and the first quarter of this year. The $92,000 area also coincides with an unfilled CME gap, and a test of this level could trigger a short-term technical rebound. However, dense overhead supply could limit any rebound's strength.