Under pressure despite solid consolidation, the price of BTC tests the patience of investors, torn between the promise of an explosive rebound and the new fear of another crash.
Bitcoin remains strong… at first glance
Bitcoin wavers again around a crucial level after a period of intense volatility. Still at $92,000, the little orange coin seems to be biding its time before the next rate cut by the FED expected for next week and assessed to be possible at 93% according to Polymarket.
However, according to Michael van de Poppe, the direction of the market remains uncertain. If the threshold of $92,000 holds firm, a test of $100,000 could occur within the week. Conversely, a break would open the way for a new descent towards the $85,000 zone, allowing for a possible double bottom formation before a rebound.
Institutional flows, however, bring a breeze of optimism. Bitcoin benefits from the return of capital to U.S. ETFs, now holding 1,36 million BTC, or 7% of the total supply.
On the technical side, several indicators confirm this potential rebound. Analyst Alan notes that the main bullish trend remains intact: Bitcoin is trading below the Tenkan and Kijun lines, but still above the Kumo, currently excluding a true bearish reversal. Moreover, the 'Market Power' indicator displays a score of 56.5; exceeding 60 would signal a confirmed recovery of the positive trend.
Despite the presence of numerous positive signals, the market remains vulnerable. CryptoPatel reveals that a monthly bearish crossover has been validated, recalling the technical setup that preceded the 68% drop in 2022.
The momentum has reversed and the monthly demand zone is now under pressure, revealing a risk of correction if the current support were to give way. Between hopes of a recovery and threats of consolidation, Bitcoin is playing a delicate tune. Maintaining above $91,000 will likely determine the direction of the next major movement.
The moral of the story: those who want to climb the Bitcoin mountain must first survive its tremors.
