The post Bearish Targets Below $90,000 Remain Active for the Bitcoin (BTC) Price Rally Ahead of Yearly Close appeared first on Coinpedia Fintech News
The crypto markets have reached the edge of the annual trade, which has historically been bullish. Meanwhile, the current market sentiments and the trade pattern suggest the Bitcoin price rally may maintain the sluggish trend until the end of the year. As a result, the start of 2025 may not be progressive, as the market participants continue to remain uncertain over the next price action. Therefore, the lower targets below $90,000 remain active as the BTC price rally continues to flash the possibility of a continued descending trend.
After failing to sustain above $100K, the bulls failed to elevate the levels back above the range. Besides, the crypto reading volume has also dropped, suggesting the bulls remain passive, waiting for a good entry point. The price is again trying to trigger a healthy rebound from the levels it has been defending for over a week. However, the participation of the bulls and the bears has dropped to a large extent, suggesting a sluggish close for the year.
Meanwhile, a 5% drop may attract the required liquidity onto the platform, which could attract more bulls.
The Bitcoin price continues to flash bearish signals as the RSI remains decremental and is heading towards the lower threshold. Currently, the price is holding the interim support at $93,600 while facing massive upward pressure. This suggests the price could fail to defend the support that may lead the price to drop below $90,000. On the other hand, MACD suggests a rise and drop in the selling pressure at frequent intervals, indicating the bears have a strong grip over the rally.
Therefore, the scenario over the Bitcoin price remains the same, as the token may witness more downward momentum pre-Trump and return upwards from there. Hence, the ideal scenario could be a plunge below $90,000 as the fear within the future markets and a shift towards altcoins are dampening Bitcoin bullish momentum. Therefore, $90,000 or levels slightly below could be the perfect spot to bid before the next leg up.
