Bitcoin’s been stuck below key price points lately, hitting its lowest since November 10, 2024. The bears are winning, and it’s tough for the bulls to fight back.
The $90,000 Wall
The market’s been trending down since late January, and everyone’s worried the Bitcoin bull run might be over. Global uncertainty isn’t helping. Analyst Axel Adler pointed out something interesting: Bitcoin saw its highest daily trading volume in the last four months at $90,000. This suggests $90,000 is a huge psychological barrier. Above it, people feel more confident; below it, selling picks up.
Under Pressure
Bitcoin’s facing intense selling pressure, mirroring the struggles in the US stock market. Since the November 2024 US elections, things have been volatile, and the fear of a global trade war is pushing investors away from risky assets like Bitcoin.
Adler’s data shows that whenever Bitcoin dips below $90,000, more people sell, leading to even more volatility. $90,000 is the key: above it, things look better; below it, the selling intensifies.
The $83,000 Struggle
Right now, Bitcoin’s hovering around $83,000, well below the crucial $85,000 level. To turn things around, Bitcoin needs to break back above the $90,000 – $91,000 range. This area aligns with important technical indicators (moving averages), and breaking through it would signal a potential recovery. But if it can’t hold above $85,000, a drop below $80,000 is a real possibility.
What’s Next?
The next few days are crucial. If Bitcoin can’t reclaim $90,000 soon, it could continue its downward trend. The bulls need to act fast, or Bitcoin might face further losses.
