news 
Is Bitcoin About to Crash Below $90,000 Soon? (Bitcoin Price Analysis)
The cryptocurrency market has been witnessing a tumultuous ride lately, with Bitcoin’s price failing to breach the $100,000 resistance level. This sudden stall in momentum has raised concerns about the possibility of a crash below the crucial $90,000 support zone. In this analysis, we will delve into the technical aspects and sentiment indicators to provide an objective assessment of the situation.
From a technical standpoint, the daily chart shows Bitcoin’s price has been consolidating below the $100K level for some time now, with no clear indication of a reversal in sight. Furthermore, the 4-hour timeframe reveals a bearish momentum, as indicated by the RSI values remaining below 50%. This bears an uncanny resemblance to previous corrections, which ultimately led to lower prices.
On the other hand, examining open interest metrics has revealed some intriguing data points. The chart displaying the total number of perpetual futures contracts in play suggests that investor sentiment is at an all-time high. This can be interpreted as a warning sign for potential volatility and even liquidation cascades in the short term. Therefore, investors would do well to exercise caution when entering new positions.
In light of these findings, it appears that Bitcoin’s price may indeed plummet below $90,000 before potentially restarting its upward trajectory.
Source: cryptopotato.com
