After Plunging Below $90,000, Has the Bitcoin Bull Run Come to an End? Here’s What You Should Know
U.S. President Donald Trump reboots the “tariff war” by imposing 25% tariffs on Canada and Mexico. Therefore, the stock market and Cryptocurrency market has taken a major hit As the global market value of global cryptocurrencies fell by $3 trillion. In this way, Bitcoin price has fallen by $89,000 for the first time since the rise in November 2024. Market sentiment becomes extremely bearish, which indicates that more downfalls are expected, which may drag down BTC price Below key support.
Will BTC price be below $85,000?
The bearish advantage over the Bitcoin and cryptocurrency markets has escalated, dragging the price below $89,000. Market sentiment fell to 25 and reached the level maintained during the FTX crash. Apart from that, the price reached a huge bearish pattern neckline, which hints at the bearish outlook for the star token.
BTC’s daily chart shows that the price has dropped below the neckline of a huge “M-shaped” or double-topped pattern. In addition, after it has remained bullish since October 2024, the Gauss Channel has also become bearish. Additionally, RSI has reached a lower threshold and shows the possibility of entering oversell levels. Daily RSI has never fallen at oversell levels since August 2023, and if panic sales continue, BTC’s price is worried about dropping to nearly $80,000.
Did the Bitcoin Bull run away?
Over the longer time frame, Bitcoin price shows some potentially strong rebound, but the rally is expected to remain under bearish influence. Furthermore, the token is reciprocating reality, and it shows that a strong rebound is approaching quickly. However, prices are required to enter the demand zone, which is 3% to 4% lower than the current level.
In the long run, BTC prices are traded again within the parallel channels where the landing is again, just like the first few weeks of 2024. Prices remain volatile within the model and put temporary lows below $54,000, triggering a huge uptick. More than one new ATH $109K. A similar model is seen now, with the price positive channel support, which is slightly below $85,000. RSI is defying, which may drop at 44.39, while the weekly MACD indicates sales pressure will increase.
As MACD remains within the positive range, a rapid rebound is expected, which can relieve sales pressure. In this way, RSI is also expected to defend support and trigger a rebound, which could trigger a recovery phase. However, breakouts outside the channel may only trigger a strong bull market, which may pave the way for new Bitcoin (BTC) prices, possibly over $112,000.
