Bitcoin (BTC) is currently priced at $86,042, reflecting a 24-hour decline of 3.96%. The daily trading range has been substantial, with a high of $89,935 and a low of $85,427, indicating volatility in the market.

The volume over the past 24 hours stands at approximately $50.05 billion, contributing to a volume-to-market cap ratio of 2.92%. Short-term moving averages are bearish, with the 8-period Simple Moving Average (SMA) at $86,170.22 and showing a slight decline of 0.15%, while the 55-period SMA is at $89,067.41, down 3.40%.

Momentum indicators reveal an oversold condition, with the 1-hour Relative Strength Index (RSI) at 17, suggesting a potential for short-term price recovery. However, the 7-day RSI is at 40, indicating weak momentum, and the 7-day price change is also negative at -4.32%, which reinforces the bearish sentiment.

From a longer-term perspective, Bitcoin has seen a 30-day price drop of approximately 10.26%, highlighting a sustained downturn. The all-time high remains significantly above the current price at $126,080, which may create psychological resistance levels as traders reassess market conditions.

Considering the current technical indicators, including bearish moving averages and oversold RSI readings, Bitcoin is positioned for a potential short-term bounce, yet the overall trend remains bearish. Therefore, the recommendation is to Hold Bitcoin, as the market may present buying opportunities in the near term, but caution is warranted due to the prevailing downtrend and lack of strong bullish signals.