Ah, dear Bitcoin, thou hast taken a tumble beneath the 100-day moving average, now languishing at a mere $98K, and oh, how it doth approach the fabled $95K support level! What a tragic comedy! 🎭
Yet, lo and behold! The trading activity is as lively as a sloth on a Sunday, indicating a distinct lack of momentum. Thus, we are likely to witness a further short-term consolidation, much like a play that drags on without a climax. 🥱
Technical Analysis
By Shayan, the Seer of Crypto
The Daily Chart
Our dear Bitcoin hath recently dipped below the critical 100-day moving average at $98K, a sign of increased selling pressure, or as I like to call it, the market’s way of saying, “Not today, my friend!” However, the absence of strong bearish momentum suggests that neither buyers nor sellers are truly in charge, much like a play without a director. 🎬
Despite this, the breakdown introduces a bearish bias, increasing the likelihood of further consolidations and potential retracements toward the significant $90K support level. Will it hold? Or shall it fall like a tragic hero? 🤔
The 4-Hour Chart
On this lower timeframe, Bitcoin’s price action leans bearish, inching closer to the lower boundary of the ascending channel. The market is in a state of indecision, akin to a character torn between two lovers. 💔
On one hand, BTC is nearing a critical support region at the lower boundary of the channel and the $90K range, which has historically acted as a strong demand zone. This could trigger a reversal, leading to renewed bullish momentum, or so we hope! 🌈
Conversely, Bitcoin appears to be forming a double-top pattern, with the neckline aligning with the key $90K support zone, marking previous swing lows. A breakdown below this level could confirm further bearish continuation, much like a tragic ending to a beloved tale. 📉
For now, BTC’s price action around $90K will be crucial in determining the next major trend, with further consolidation toward this level expected in the short term. Will it rise like a phoenix or fall like Icarus? 🦅
On-chain Analysis
By Shayan, the Oracle of On-chain Data
The Bitcoin market is grappling with growing concerns as investor sentiment continues to weaken. The recent rally was fueled by optimism surrounding Trump’s election victory and expectations of strategic asset allocation in the U.S. Ah, the irony! 🎉
However, escalating geopolitical tensions, particularly in trade policies, have triggered risk-off behavior, dampening market momentum. Moving forward, a sustained bullish move will likely require either the resolution of these uncertainties or the emergence of new catalysts. A tall order, indeed! 🍽️
On-chain data further highlights these concerns. As shown in the chart, the number of active addresses and transactions related to Bitcoin deposits and withdrawals has been notably declining. If this trend continues, it could signal investor exhaustion, much like a weary audience at a never-ending play. 😴
Given current conditions, short-term price movements remain difficult to predict. If market sentiment improves and Bitcoin regains upward momentum, investor confidence may strengthen, fueling another rally. However, if uncertainty persists, the market could enter another prolonged consolidation phase, resembling the stagnation seen in early 2024. A most unfortunate fate! 🥴
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2025-02-24 15:52