Bearish Targets Below $90,000 Remain Active for the Bitcoin (BTC) Price Rally Ahead of Yearly Close
The cryptocurrency market, which has historically been bullish, has reached the brink of annual trading. At the same time, current market sentiment and trading patterns suggest that rising Bitcoin prices may maintain a subdued trend until the end of the year. Therefore, the start of 2025 may not be gradual, as market participants remain uncertain about where prices will go next. Therefore, the lower target below $90,000 remains active as bitcoin price The rebound continues to flash the possibility of a continuation of the downward trend.
After failing to sustain above $100,000, the bulls failed to lift the price above that range. Additionally, the cryptocurrency reading volume has also declined, indicating that bulls are still passive, waiting for a good entry point. Prices are once again trying to spark a healthy rebound from levels they have been defending for over a week. But long-short participation dropped sharply, suggesting a sluggish finish to the year.
At the same time, a 5% decline could attract the needed liquidity into the platform, thereby attracting more longs.
Bitcoin price continues to send bearish signals as the RSI continues to decline and approaches the lower threshold. Currently, the price holds the interim support at $93,600 while facing significant upward pressure. This suggests that the price may not be able to hold the support level that could lead to a fall below $90,000. MACD, on the other hand, shows frequent rises and falls in selling pressure, indicating that bears have strong control over the rally.
Therefore, the situation for Bitcoin price remains unchanged as the coin is likely to witness more downside momentum before Trump’s election and return to the upside from then on. Therefore, the ideal scenario might be a drop below $90,000, as future market concerns and a shift to altcoins are eroding Bitcoin’s bullish momentum. Therefore, $90,000 levels or just below could be the sweet spot before the next leg higher.
