The post Are Bitcoin Bears Eyeing New Lows Below $90K? appeared on BitcoinEthereumNews.com.

Bitcoin is trading within the $94.5K range.  BTC has entered the greed zone, with the index value at 69. The bear trap holds strong while the Bitcoin market continues to slide. The price chart illustrates an intense downtrend after a sharp retreat from a high of $102K to consolidate around the $94K mark.  Over the past few days, BTC prices have undergone heavy fluctuations. The crucial resistance levels of the asset should be tested to confirm an uptrend. The asset is trying to bounce back, but it’s stuck in the weak zone. Notably, BTC has declined by 0.61%, and at press time, it trades at $94,523. The asset’s intraday fluctuations are observed between $95,770 and $92,250. Consequently, BTC has stepped into the greed zone as the Fear and Greed Index stays at 69.  During this timeframe, the market has witnessed a 24-hour liquidation of $77.58 million worth of Bitcoin. Besides, the daily trading volume of the asset has reached $50.43 billion.  On the other side, Ali’s chart highlights a gap in Bitcoin’s price distribution between $75,000 and $87,000. The void indicates that Bitcoin lacks strong support or resistance levels in this zone.  Is a Bull Run or Drop Ahead for BTC? BTC’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. However, both lines are positioned below the zero line, which indicates that the overall trend is bearish. Also, there might be a short-term recovery or upward movement.  In addition, it’s crucial to note the capital flow with the Chaikin Money Flow (CMF) indicator, which is settled at 0.17. This refers to the positive money flow and buying pressure, which could support a bullish trend. Meanwhile, BTC’s daily trading volume has plunged by 15.48%.  Inferring the four-hour trading window, Bitcoin is currently trading on the downside. The…

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Filed under: News - @ January 11, 2025 5:19 pm