Bitcoin (BTC) price slides over 1% to trade at $94,336.83 as investors decrease their exposure

The Bitcoin price slid over 1% in the last 24 hours to trade at $94,336.83 as of 9:39 p.m. EST.

What Happened: The crypto behemoth is attempting to stay afloat above the crucial resistance level at $98,371.74. A successful breach of this technical barrier could set the stage for a move towards the next resistance zone, potentially at $107,963.22. However, rejection from the resistance might herald a retest of the support level at $88,023.04, followed by further support at $77,926.75.

On the other hand, indicators on the daily chart suggest that the Bitcoin price might drop some more over the next 48 hours. Specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) hint at a slight edge to sellers.

The MACD line is attempting to cross below the MACD Signal line. A complete breach could confirm a short to medium-term bearish trend for the Bitcoin price.

Meanwhile, the RSI has dropped below its Simple Moving Average on the daily chart, which traders might see as a sign that sellers have gained an upper hand against buyers.

Although the current RSI reading above 50 is still within the bullish territory, the negative slope of the RSI suggests that the indicator could drop below the 50 mark soon. This development might pave the way for bears to push the Bitcoin price much lower.

The Bitcoin price is currently trading at $94,139.28.

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Why Is This Important: As the world's leading cryptocurrency, Bitcoin's price movements are closely followed by market participants. A sustained break above the $98,371.74 resistance could open the door for a significant rally in the coming weeks. Conversely, rejection from this level might indicate that the sellers are still in control and could push the price lower in the short term.

The MACD and RSI indicators provide valuable insights into the prevailing market trends and the potential for further price drops or rebounds in the days ahead.