Cryptocurrency prices are under bearish pressure after falling 1.12% in the past day and breaking below $93,000. The Fear and Greed Index has dropped to 48, suggesting that investors are getting increasingly nervous. Bitcoin is having trouble breaking through key resistance levels, even if technical signs suggest potential adverse risks and experts are divided on the possibility of a bullish bounce.
Bitcoin Battles Institutional Outflows
Bitcoin is bearish around the 4-hour chart’s long-term barrier. As expected, the $92,750 support level increased supply. As expected, the breakdown rally fell to $91,315, or $90,000. Bitcoin fell below its $90,742 goal due to lower price rejections. Bitcoin loses institutional support as the market falls. The U.S. spot Bitcoin lost $426.13 million on December 30. The bullish rally to $92,748 broke the 20-day exponential moving average and resistance trendline.
There was a brief decline below $93,000.Bitcoin climbed 0.43% to $92,748 after 4 hours. The price will likely go sideways if the 4-hour RSI line quickly turns from oversold. The consolidation range should respect the $90,742 support zone to break the resistance trendline. Fidelity topped bears with $154.64 million outflow, followed by Grayscale with $134.5 million.
Bearish Bitcoin Hits Key Resistance
Bitcoin may break the resistance trendline as the new year approaches and hope rises. If true, Bitcoin may break $95,119 soon. Similar to the 50-day exponential moving average. Death crosses between the 50-day and 200-day exponential moving averages indicate a sell-off. Another bearish crossing will occur when the h100 drops to 200. The next support is $86,707.07. The bear market begins below $90,742.Bitcoin may break a significant barrier at $95,119.
Significant support and opposition exist at this level. New indicators like a death cross between 50-day and 200-day exponential moving averages indicate a potential sell-off. As the 100-day EMA approaches, another bearish crossover is possible. Bitcoin may go below $90,742, with support at $86,707. These market indicators should guide investors.
Martinez Bitcoin Has Room to Grow
Independent expert Ali Martinez says Bitcoin has significant growth potential despite sales warnings. Martinez predicts a continued rise in Bitcoin prices, citing a link between monthly market tops and the Bitcoin Liquid Index. The monthly RSI peaked at 92 before each bear market in previous bull markets.
The monthly RSI is near 75; therefore, the bull run has more gas than bears expect. Independent analyst Bitcoin may rise despite dire predictions. Due to a historical correlation between the monthly RSI and market cycles, he thinks Bitcoin’s bull run may continue.
Market tops had RSIs of 92 before bad markets. Bitcoin’s monthly RSI is near 75, suggesting more increase before a turn. Martinez’s study implies that Bitcoin’s upward trend may continue despite unfavorable indicators, giving bullish investors more confidence in its future.
Summary
Bitcoin fell below $93,000 and lost 1.12% in the last day, indicating bearish pressure. Investor nervousness increased as the Fear and Greed Index fell to 48. Institutional outflows like $426.13 million from the U.S. Bitcoin ETF and Bitcoin’s major resistance levels lower market confidence.
Despite price gains, technical signs suggest Bitcoin may continue to fall. Experts disagree on whether Bitcoin will rebound, but Ali Martinez thinks it still has space to grow based on past trends. Investors should track key support levels and institutional sentiment to predict future direction.
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