Bitcoin is attempting to stabilize after a corrective move from the $92K region, with the price currently rebounding from the $80K support zone.
BTC is trading just below its 200-day moving average after a recent breakdown from the $88K level, and the price has yet to close above it convincingly.
On the 4-hour chart, BTC must clear the previous wedge support turned resistance and hold above $86K to open the door for another run toward $92K.
Bitcoin's Short-Term Holder SOPR has dropped below one, indicating weak short-term conviction and adding pressure to any rally attempts.