Bitcoin's Bearish Breakdown: Will Support at $93,500 Hold?

Last 24 hours we suddenly see a small dump in BTC price. I personally think it will go down more because of Chinese new year around the corner.
Let's see what the chart say.

Detailed Technical Analysis of BTC/USDT (4H Chart):

Price Action:
- Bitcoin's current price is $94,597.05, showing a 1.74% decline over the last 4 hours.
- The price is testing support near the 24H low of $93,500 after failing to sustain levels above $97,000 (near the EMA(99)).
Moving Averages:
- EMA(7): $95,000.48 (Price is trading below this short-term EMA, indicating bearish momentum).
- EMA(25): $96,115.07 (Price is below this medium-term EMA, reinforcing bearish bias).
- EMA(99): $97,873.15 (The price is far below the long-term EMA, confirming a strong downtrend).
Volume Analysis:
- Recent declining volume indicates waning interest, suggesting limited buying pressure during this bearish phase.
Relative Strength Index (RSI):
- RSI(6) is at 38.39, approaching oversold territory but not signaling a reversal yet.
Key Levels:
- Support: $93,500 (24H low) and $92,520 (previous swing low).
- Resistance: $95,000 (EMA(7)) and $97,873 (EMA(99)).
Overall Trend:
- The market is in a downtrend as the price consistently trades below key EMAs. RSI indicates bearish momentum is still active, but it’s approaching oversold levels, hinting at a possible rebound near strong support.

Conclusion:

Bitcoin's bearish momentum continues with key support at $93,500. A bounce from this level is possible, but failing to hold could push prices to $92,520 or lower. Bulls need to reclaim $95,000 to shift the momentum.