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Bitcoin price fell below $90,300, and is now trading near $89,900 after a sharp decline that pushed its 30-day losses to 16%. Traders are torn between anticipating another bounce or preparing for deeper losses.
The charts and data on the chain point to a simple idea: If the price of Bitcoin does not soon recover a key level, the next bottom could form at a lower level, perhaps below $80,000.
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Main points of the article
The nature of sales pressure has changed. At first, Bitcoin’s declines have mainly been driven by long-term settlementsbut this effect has disappeared. Only on the Binance platform, it arrives Bitcoin/USDT long-term settlements At about $558 million, while sales balances amount to about $3.56 billion. This is more than six times higher, showing that the long leverage has already been eliminated. As establishments fade, prices begin to show real selling rather than forced selling.
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Stock market reserves confirm exactly this.
Between November 13 and November 18, Bitcoin reserves on all exchanges increased from 2,380,595 BTC to 2,396,519 BTC. This means that 15,924 Bitcoins were transferred to exchanges in five days. This equates to about $1.43 billion at Bitcoin’s current price.
This is the highest inflow in weeks and a sign of aggressive selling, perhaps panic-driven exit. Those who hold the coins move them to exchanges to sell or prepare to sell.
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The shift from declines driven by settlements to declines driven by spot transactions is important because it typically makes declines more controlled, but also more persistent. It also explains why the price of Bitcoin continues to face pressure even after the leverage is reduced.
Weak pockets of support leave the price of Bitcoin exposed
To understand where the price can stabilize Bitcoinwe look at the distribution of the price obtained for six (URPD). You see URPD Where holders last bought their coins. These areas act as signs of support because people tend to defend the prices they entered.
However, the area between $89,600 and $79,500 has very weak support. Few coins have moved into this range, which means fewer holders have an incentive to defend it.
Therefore, losing the $90,300 level is considered dangerous. If Bitcoin cannot recover this level, the chart will be…URPD The price shows a wide and weak zone that extends to a level just above $80,000.
The trend-based Fibonacci structure supports the same idea. Bitcoin had crashed Inside the game from October 6. The bottom of the trend is weak because it only has two clean touches. The price is moving back towards this line, and a break will leave the Fibonacci extension at $79,600 as the next real target, breaking the trend line. This level is exactly in line with the gap in URPD.
The short-term supports near $82,000-$84,500 are the last buffers before this zone, according to the demonstrations. URPD. If Bitcoin continues to close below $90,300, these supports become the next logical tests.
A case of reversal is still possible, but it requires that the price of Bitcoin recover several levels in a specific order. First comes the level of $90,300, which indicates that the market refuses to break down. After that, $96,800 becomes the next hurdle. Finally, a move above $100,900 will turn short-term sentiment bullish.
