Bitcoin investors see that the expectation of $90,000 is getting stronger, with the pullback that occurred without testing the $100,000 level.$BTC
Bitcoin (BTC) lost value before reaching the long-awaited $ 100,000 level. The price, which fell to $ 92,000 overnight, created anxiety in the market. Options data, RSI and Coinbase premium index, stated by CoinDesk analysts, bring the possibility of further decline to the agenda.
Negative Outlook Starts in Bitcoin
The 25-delta risk reversal indicator, which measures volatility in the Bitcoin market, is signaling an increase in the downtrend. On the Deribit platform, call options sold for futures expiring this week are valued lower than put options that provide downside protection. According to Amberdata data, this has led to a negative risk reversal. This trend has been observed for the first time in the past month and suggests that investors are looking for protection against price declines.
Coinbase Premium Drops: US Demand Weakens
In recent weeks, demand from the US has played a significant role in Bitcoin’s rise from $70,000 to $99,000. However, the “Coinbase premium,” which shows the price difference between Coinbase and Binance, has started to turn negative again. The fact that prices on Coinbase are lower than on Binance indicates that Bitcoin demand in the US market has weakened and investors are starting to avoid risk.
RSI Divergence: Momentum Declining
The Relative Strength Index (RSI) measures the relationship between an asset’s price action and its momentum. While Bitcoin made a new high last week, reaching $99,000, the RSI failed to confirm this level. This divergence suggests that bullish momentum is weakening and the price could make a downward move.
Could We See Below $90,000?
According to technical analysis, Bitcoin is expected to find support at $87,000 to $88,000. Although long-term indicators still point to bullish potential, risks are observed to increase in the short term. This volatility in Bitcoin prices leads investors to monitor market dynamics and technical indicators more carefully.