Within the bear hold, the largest asset in the crypto market, Bitcoin (BTC), is stuck in the downside waves, lighting up the red candlesticks. Multiple rejections have been faced back-to-back, and are currently trading below the $95K. As of today, with the fear sentiment, BTC has posted a modest loss of over 1.12%.
The price movement in the early hours caused the asset to hit a high of $92,220.86. Later, the bearish fluctuations triggered BTC to fall to its bottom range of $89,586.98. As per the CMC data, at the time of writing, Bitcoin traded at around the $90,511.42 zone.
Besides, the market cap of the asset is resting at $1.8 trillion, and its daily trading volume has dropped and reached the $55.88 billion. As reported by the Coinglass data, the market has witnessed a liquidation of $54.95 million worth of Bitcoin in the last 24 hours.
The Ali chart has exhibited that the current structure on Bitcoin’s chart is forming a bearish flag. The price consolidates upward within a tight channel after a sharp drop, but fails to break higher. If BTC breaks below the lower trendline, the pattern projects a downside target. In this case, around $70K, based on the height of the preceding drop.
Is Bitcoin Preparing for an Extended Bear Grip?
Both the Moving Average Convergence Divergence (MACD) line and the signal line are positioned below the zero line, which indicates Bitcoin’s broader bearish phase. The downside pressure will continue to dominate unless the lines rise back above the zero line.
In addition, the Chaikin Money Flow (CMF) indicator value found at 0.15 suggests moderate buying pressure in the BTC market. The money is flowing into the asset, not strongly, but it hints at a positive shift in demand and may support further upside.
The 4-hour trading session of Bitcoin shows bearish sentiment, with the price might slip to the key support at $90,472. Further correction on the downside could easily push for the death cross emergence, and the bears would send the price below the $90.3K mark.
Conversely, if the bulls appeared, the price could move up toward the $90,612 resistance range. A golden cross might take place with the strengthened upside pressure. Gradually, the bulls likely drive the BTC price to its recent high, above the $90.7K zone.
Bitcoin’s daily Relative Strength Index (RSI) is at 50.54, in the neutral zone — neither overbought nor oversold. With the balanced momentum, the price could swing in either direction. Moreover, BTC’s Bull Bear Power (BBP) of -31.33 signals that bears currently have control. The selling pressure is strong, pushing the price below, and the trend will lean more bearish unless momentum shifts.
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