The brief surge that pushed Bitcoin above $97,000 last week seems to be losing momentum. Currently, BTC is trading around $93,192, wiping out the gains that had fueled hopes of a possible trend reversal among traders.
This decline coincides with a wider risk-averse sentiment sweeping through global markets. The introduction of new tariffs by President Trump targeting European countries—stemming from his administration’s interest in Greenland—has unsettled investors. This uncertainty has driven capital towards traditional safe havens like gold, which recently reached an all-time high of $4,680 per ounce.
At present, the total market capitalization for cryptocurrencies stands at approximately $3.15 trillion—a 2.38% drop compared to yesterday’s figures according to CoinMarketCap data. Additionally, over the past 24 hours more than $800 million worth of leveraged long positions have been liquidated as reported by CoinGlass.
The downturn is widespread across digital assets. Among the top 100 cryptocurrencies ranked by market cap, only three—Midnight, Quant, and Monero—have recorded gains exceeding 1% within the last day. Notably Monero continues its bullish trajectory fueled by renewed interest in privacy-focused coins.
Despite this market turmoil, prediction markets on Myriad show cautious optimism from traders. In the “Bitcoin’s next move: Pump to $100K or Dump to $69K?” betting pool, about 82% of funds wager on an upward movement—a consistent pattern since last week.
However, when asked whether Bitcoin will reach a new all-time high before July arrives, roughly 73% are betting against it happening soon. This suggests expectations lean toward recovery but not an explosive rally just yet.
Beyond sentiment indicators alone—the technical analysis also supports this guarded optimism regarding Bitcoin’s near-term prospects.
Still Bullish But Cautious
Bitcoin has been gradually rebounding since hitting lows near $80K back in November last year. During this recovery phase it briefly broke above what’s known as the Ichimoku Cloud—a technical indicator composed of multiple moving averages used to identify dynamic support/resistance zones and overall trend direction—and tested levels close to $96K before retreating again below its 50-day exponential moving average (EMA50), currently hovering around $93K.
This retreat poses a critical challenge for bulls: while Bitcoin’s celebrated golden cross (where short-term averages cross above long-term ones) remains intact technically speaking; however,the gap between these averages is narrowing noticeably now.
If prices continue sliding throughout this week without reclaiming EMA50 territory then that bullish signal risks becoming invalidated—as highlighted previously—potentially preventing any significant upside momentum from materializing anytime soon.
The Average Directional Index (ADX) currently reads at about 32.7 — comfortably above its threshold level of 25 indicating there remains a strong underlying trend regardless of directionality.
Given recent months’ predominantly bullish environment though,this points toward steady upward pressure rather than weakness or sideways action alone.
The Relative Strength Index (RSI), meanwhile,is neutral at approximately54 — suggesting neither oversold conditions attractive enough for bargain hunters nor overbought extremes warranting heavy profit-taking.
This balance reflects subdued trading volumes with no compelling reasons driving aggressive buying or selling behavior right now.
In summary,BTC must regain and sustain levels northof$95k during upcoming sessions if bulls wantto keep their golden cross thesis alive.A weekly close below roughly$91k would flip short-term dynamics bearishand likely trigger further declines potentially revisiting December lows near$80k again shortly thereafter.
Key Price Levels To Monitor:
- Resistance:
- $98,000 (EMA50 & Ichimoku Cloud resistance)
- $100,000 (psychological round number barrier)
- $108,757 (major resistance zone)
- Support:
- $91,000 (near term support)
- $80,000 (December low floor)
Disclaimer
The opinions expressed here are solely those of the author and should not be considered financial advice or investment recommendations.</ p > ;