Bearish trend: Bitcoin is experiencing a clear bearish trend driven by market greed. The recent drop in price is linked to a 5.44% decrease in the overall crypto market cap, now at $3.43 trillion, and significant trader liquidations.

Trading volume surge: Bitcoin, after being rejected at its recent ATH, plummeted by 13.60%, triggering panic sell-offs. Traders shifted towards shorting, increasing trading volumes by 118%. Bitcoin’s current trading price is about $96,607, marking a 2.90% daily decrease.

KEY support level: Determining Bitcoin’s lowest point is complex, but there’s significant support at $92,600, aligning with its 200-day moving average. With $1.75 billion in liquidations within the last day, mostly impacting long positions, traders are advised to remain cautious.