Bitcoin is under bearish pressure as its price has fallen 1.12% in the past 24 hours and broken below $93,000. The Fear and Greed Index has fallen to 48, suggesting investors are increasingly nervous. Bitcoin is having trouble breaking through key resistance levels, even if technical indicators suggest potential negative risks and experts are divided on the possibility of a bullish bounce.
Bitcoin Faces 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 bullish rebound 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 for resistance trendline breakage.
Bearish Bitcoin at Key Resistance
Bitcoin’s bearish Pressure 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 100 drops to 200.
Bitcoin may break a significant barrier at $95,119. This level offers strong support and resistance compared to new indicators, including a death cross between the 50-day and 200-day exponential moving averages, which usually implies a sell-off. As the 100-day EMA approaches, another bearish crossover is possible.
Martinez Bitcoin Has Growth Potential
Independent researcher Ali Martinez argues that BitcoinBearish Pressure has significant growth potential despite sell warnings. Martinez expects Bitcoin’s price to rise due to a link between monthly past market tops and the Bitcoin Liquid Index. The monthly RSI peaked at 92 before each bear market in previous bull markets.
Independent analyst Ali Martinez says Bitcoin may rise despite dire predictions. He thinks Bitcoin’s bull run may continue because of a historical correlation between the monthly RSI and market cycles. The market high RSI was 92 before a bear market. Bitcoin’s monthly RSI is near 75, suggesting more increase before a turn.
Summary
Bitcoin fell below $93,000 and lost 1.12% last day, indicating bearish pressure. Investor anxiety rises as the Fear and Greed Index drops 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.
