Bitcoin Tests Key Support Amid Weakening Market Momentum

Bitcoin's price has been on a downward trajectory since reaching an all-time high above $82,000. According to technical indicators, the cryptocurrency is now approaching oversold levels, with its Relative Strength Index (RSI) dipping below 40.

The current market momentum appears to be weakening, as evidenced by Bitcoin trading below its 50-day, 100-day, and 200-day moving averages. This bearish shift could potentially lead to further price declines if the current support zone is breached.