Bitcoin is currently trading around $87,440, a 1.35% drop over the last 24 hours, yet the long-term chart still looks like it’s weathering the storm rather than falling apart. Amid plenty of caution across the crypto markets, bitcoin remains the world’s biggest digital asset – with a market capitalisation of $1.74 trillion, around 19.97 million in circulation, and a maximum of 21 million in existence.
The market is on edge. The crypto fear & greed index is stuck in fear, and we’ve just seen a $99.9 million net outflow in recent ETF flow data, which only adds to short-term risk aversion.
Price Structure Signals Compression, Not Collapse
If we look at the 4-hour chart for Bitcoin, we see it’s been stuck in a descending channel for a while now, with higher and higher lows since the $94,600 peak and a steadily rising base at $82,500. This is a sign that the buyers and sellers are evenly matched at the moment.
Candlestick patterns add to that view. We’ve been seeing a lot of spinning tops and short-bodied candles recently, with mixed-up wicks, which is a classic sign of uncertainty and volatility.
Every time sellers have tried to push the price below $86,300, they’ve failed, while buyers have yet to reclaim $88,600 with any real conviction. The stalemate suggests that energy is building, with buyers and sellers waiting for the other to crack.
Key technical levels to watch are:
Resistance levels are at $88,600, followed by $90,500 and $92,500 Support levels are at $86,300, then $84,450 50- day EMA is near $87,800, and the 100- day EMA is near $88,400-$88,500It’s worth noting that EMA compression in this area often leads to a big up or down move, rather than just a slow grind on.
Bitcoin Price Forecast: Momentum Stays Neutral as Breakout Risk Builds
Bitcoin price prediction seems slightly bullish Momentum indicators are confirming that this is a pause rather than a full-on crash. The RSI around 47-50 is neither overbought nor oversold, and more importantly, we’re not seeing any bearish divergences. The RSI has stabilised with price, suggesting this may be a period of consolidation rather than exhaustion.
If we look at the Fibonacci levels, Bitcoin is still holding above 38.2% retracement, which keeps the overall structure neutral to constructive. Looking at this from a Fibonacci perspective, the setup looks like a contracting triangle within a descending channel – a pattern that historically resolves in a big up or down move.
If a bullish scenario were to unfold with a decisive break above $88,600, it could be followed by a run-up to $90,500, then a test of $92,500 near the top of the channel. On the other hand, if support were to fail, then $86,300, then $83,800 are the levels to watch.
Bitcoin Price Outlook: Patience Before the Next Leg
Looking forward, the technical bias remains cautiously constructive as long as the price stays above $84,450. A confirmed break above $88,600 is a sign that the consolidation has done its job and could set the stage for a push back towards $92,500 and $94,600.
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Click Here to Participate in the PresaleThe post Bitcoin Price Prediction: Why a $92,500 Breakout Is Back on Traders’ Radar appeared first on Cryptonews.
