In the current market conditions, Bitcoin’s $BTC performance against the USD reflects a mix of reduced trading activity and evolving sentiment as we navigate the post-holiday period. As of now, the broader market remains heavily correlated, suggesting a unified response to external influences. Although the overall trading volume has shown a 60% increase, it remains significantly lower than the levels seen in prior weeks. This suggests that while there is renewed interest, the market is still lacking the robust participation required for a substantial bullish move.
Bitcoin Price Prediction: Bitcoin (BTC) May Face the Downside
BTC/USD is seen hovering at $92,853, with the current consolidation pattern, the king coin remains below the 9-day and 21-day moving averages. Though Bitcoin (BTC) begins the day off intending to trend higher but couldn’t. Meanwhile, any bullish cross above the 9-day and 21-day moving averages could hit the nearest resistance level of $93,000. Beneath this, other supports could be found at $80,000, $75,000, and $70,000.
Moreover, the Bitcoin price is likely to slide below the lower boundary of the channel as the technical indicator 9-day moving average (MA) remains below the 21-day moving average (MA). On the next positive move, BTC could break to the upside as the candle is yet to close. Therefore, if the bulls push the king coin to the north, the potential resistance levels could be found at $105,000, $110,000, and $115,000.
BTC/USD Medium-term Trend: Bearish (4H Chart)
The 4-hour chart for Bitcoin (BTC) against the US Dollar shows the price moving within a descending channel, reflecting a short-term bearish trend. The resistance level is marked at $98,000 and above, while support is established at $88,000. Currently, BTC is trading at $92,857, slightly below the midpoint of the channel. The 9-day and 21-day Moving Averages (MAs) indicate ongoing bearish momentum, as the 9-day MA is below the 21-day MA. This alignment reinforces the current downward trend, but the recent consolidation near $92,800 suggests that the price may be stabilizing in preparation for a potential breakout.
Nevertheless, if the price manages to hold above the $92,000 level, a bullish breakout could occur, pushing the price toward the $94,000 – $96,000 zone, with the channel’s upper resistance at $98,000 as the next major target. On the downside, if selling pressure intensifies and the price breaks below $92,000, BTC could test the lower boundary of the channel near $88,000 and below. Volume fluctuations and interactions with the moving averages will be key indicators to watch, as they may confirm the likelihood of a reversal or continuation within the descending channel.
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