Bitcoin fell by 6% on Monday, with a technical shift to short positions.

[Coin World] The market opened on Monday with a shock, as Bitcoin plummeted by 6%, crashing from around $93,052 to its current level. This drop has completely wiped out more than half of the rise that came from the rebound from $80,514. It seems that the recovery trend that began from an 8-month low has come to an end.

The 20-day moving average has started to turn downward. Every time the bulls try to push up, they are pushed back. The bears are clearly in the lead, especially after breaking through the 60,000 round number, making the technical outlook even worse. The moving average system on the daily chart has completely formed a bearish arrangement, and it is not easy to turn things around in the short term.

From the perspective of Fibonacci retracement, if the daily close cannot stabilize above the 50% retracement level of 86,783, the next target is likely the 61.8% level at 85,304. Further down, around 83,473 and the previous low of 80,514, there should be some buying support, but whether it can hold depends on the volume.