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

According to analysis by QCP Capital, BTC's downward trend deepened last week, falling 27% from its historical high, nearly erasing all gains made this year. BTC has broken below the 50-week moving average and closed below $100,000 for the first time since May 4, bringing a more cautious sentiment to the digital asset market.

On the technical side, BTC is currently hovering above the key support level of $92,000, which 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 testing this level may lead to a short-term technical rebound. However, the dense supply above may limit the strength of any rebound.