Oh my god, Bitcoin has dropped below 90,000 again😅 I just saw news saying that $86,000 is a key support level. If it breaks below, it could face a deeper correction... This makes me a bit anxious as someone new to the scene.

But after looking closely at the analyst's views, it seems not entirely pessimistic? Some say that currently it's just in a range-bound oscillation, with low trading volume, and everyone is waiting for US economic data and signals from the central bank meeting. An analyst also mentioned that on the 4-hour chart, moving averages are converging to form resistance at $90,500, and if it breaks through, it could be a bullish signal✨

It feels like every price fluctuation can be interpreted differently, which I’ve only recently realized. I used to think that a straight price decline was a bad thing, but now I understand it’s about support levels, technical analysis, and market sentiment... Though I’m still a bit clueless, haha.

Can experienced folks help me understand why support levels are so important? Does holding above $86,000 mean there’s still hope for a rebound? I really want to understand these basic concepts🙏