Bitcoin recently broke below the 100-day moving average (MA), dropping the price below $80K. However, a rebound from the 200-day MA at $80K pushed the price back to $90K, suggesting a potential consolidation phase.
The Daily Chart
Bitcoin’s decline below the 100-day MA signals increased selling pressure. However, support from the 200-day MA at $80K aligns with the key 0.5-0.618 Fibonacci retracement range. Under current market conditions, a consolidation within this range is likely.
The 4-Hour Chart
In the lower timeframe, BTC broke below a multi-month ascending channel, indicating a potential bearish market structure. The range is between the 0.618 Fibonacci level at $83K and the key $93K resistance. A breakout from this consolidation zone will determine the next major trend.
On-chain Analysis
Futures market sentiment has shown falling and even negative funding rates, indicating sellers' dominance. This could signal a turning point. A small bullish reversal could trigger short liquidations and drive the price higher.
The next few days will be crucial in determining whether BTC will stabilize and rebound or continue its downtrend.
