Technical Analysis – BTCUSD’s freefall; 6-month low signals bearish momentum
- looks oversold but still under pressure
- Loses around 30% from October peak
- RSI and MACD still tick down
plunged to its lowest level in six months, hitting 89,270 and losing around 30% from its October peak. The decline was driven by shrinking liquidity and institutional derisking, as , corporate treasuries, and long-term holders pulled back, while fading expectations of a December U.S. rate cut and cooling tech stocks dampened risk appetite.
The drop below long-term uptrend lines increases the likelihood of further losses. A break beneath the immediate support at 88,700 could open the way toward 85,800, followed by 83,200, last viewn in mid-April.
On the flip side, a rebound may attempt to recover some ground, targeting resistance at 92,770 and the 98,150–99,000 zone. To restore a strong bullish outlook, traders would look for a daily close above the key region of around 106,000, which aligns with diagonal trend lines. Additionally, the bearish cross between the 50- and 200-day simple moving averages (SMAs) near 110,000 remains a critical zone to monitor.
The RSI is deep in oversold territory, while the MACD continues to indicate its negative momentum below both its trigger and zero lines.
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