Will Bitcoin (BTC) price stay above $90,000 as resistance trendline dominates the price chart?
Bitcoin price is under bearish pressure and breaks below $93,000, down 1.12% in the last 24 hours. The CMC Fear and Greed Index fell to 48, reflecting growing uncertainty among investors.
As BTC struggles to overcome key resistance levels, technical indicators point to potential downside risks, while analysts remain divided on the possibility of a bullish recovery.
Bitcoin price analysis
Taking into account the long-awaited resistance trendline on the 4-hour chart, BTC price continues its downward trend. As expected in our last article, the crucial support level at $92,750 failed to absorb the incoming supply.
The breakdown rally almost reached $90,000 as predicted and reached a low of $91,315. Due to lower price rejections, BTC price witnessed an early reversal from the estimated target of $90,742.
However, the bullish rally to $92,748 failed to clear the 20-EMA line and the resistance trend line. This led to a quick decline below the $93,000 level.
Currently, Bitcoin is trading at $92,748, with a slight recovery of 0.43% in the last 4 hours. The 4-hour RSI line shows a quick reversal from the oversold region, suggesting the possibility of a sideways move.
The consolidation area is expected to respect the support zone at $90,742 while struggling to break the resistance trend line.
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