Bears on the Prowl: Is Bitcoin (BTC) Under 2021-Style Bear Pressure?
The cryptocurrency market is experiencing a downturn, with Bitcoin (BTC) facing significant bearish pressure and trading in a consolidation phase. As of December 23rd, BTC's price dropped over 2.1%, falling from an opening high of $90,501 to around $87,409. Daily trading volume surged by 70.13%, reaching $45.22 billion, while $103.77 million in BTC was liquidated.
Analysis suggests Bitcoin's current price action mirrors its 2021 cycle, where a peak was followed by a sharp correction. After reaching a high near $126K in 2025, BTC shows a similar pattern of fading momentum and a potential breakdown.
Technical indicators point to bearish dominance. The MACD line is below its signal line, indicating active selling pressure. The Bull Bear Power reading of -1,470.76 confirms strong bearish control. The RSI at 45.31 suggests a neutral to slightly bearish sentiment, while the Chaikin Money Flow indicates only mild buying pressure.
Key support is at $87.5K; a break below could trigger a death cross and deeper decline. Resistance sits at $87.7K; a break above could lead to a golden cross and a move toward $87,869 or higher. The market sentiment remains cautious as Bitcoin navigates this critical zone.
TheNewsCrypto12/23 09:53