Bearish Targets Below $90,000 Remain Active for the Bitcoin (BTC) Price Rally Ahead of Yearly Close

The cryptocurrency markets are currently at a critical juncture, as the annual trading season approaches. While historical trends have shown bullish activity during this time, recent market sentiments and trading patterns indicate that the Bitcoin price rally may remain sluggish until the end of the year. This uncertainty has led market participants to anticipate a less-than-progressive start to 2025, with lower price targets below $90,000 still in play as the possibility of a continued descending trend looms.

Following a failed attempt to sustain levels above $100,000, bulls have struggled to push prices back into that range. Additionally, a decrease in trading volume suggests that bulls are taking a passive stance, waiting for a favorable entry point. The price is currently attempting to bounce back from support levels that have held for over a week, but dwindling participation from both bulls and bears hints at a lackluster year-end close.

A potential 5% drop in price could attract the liquidity needed to bring more bulls back into the market.

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Market Sentiment Points to Lower Targets Below $90K for BTC

The Bitcoin price is displaying bearish signals, with the Relative Strength Index (RSI) trending downwards towards a critical level. Currently, the price is holding at interim support around $93,600, but faces significant upward pressure. This could result in a failure to defend support, potentially leading to a drop below $90,000. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates fluctuating selling pressure, signaling a strong bearish hold over the rally.

Bears Maintain Control as Bitcoin Struggles to Defend Key Support Levels

The outlook for Bitcoin remains uncertain, with the potential for further downward momentum before a rebound. The fear in the futures markets and a shift towards altcoins have dampened Bitcoin’s bullish momentum, making levels around $90,000 an attractive entry point for buyers looking to capitalize on the next upward movement.