Bitcoin is currently experiencing a substantial corrective phase as it approaches a critical resistance zone at $91K–$93K. Although recent recoveries suggest potential bullish movement, the overall sentiment remains bearish, and the next decisive steps for BTC price could lead to significant implications.

Technical Insights on Bitcoin

Daily Sentiment

Currently, Bitcoin is navigating within a descending channel, struggling to maintain momentum against strong resistance. The price near the demand zone of $80K–$83K had previously provided significant support, leading to a pullback; yet the struggle to surpass the $90K mark indicates ongoing selling pressure.

• Moving Averages: The 100-day and 200-day averages are positioned above current market levels, applying continuous resistance. Only a recovery above the $103K to $106K range would shift the current bearish narrative.

Detailed Short-Term Outlook

On the 4-hour chart, Bitcoin faces crucial resistance around $92K, diminishing the possibility of a rally unless the price convincingly breaks through. A failure to do so could pull the asset back to $86K–$88K, with the strongest support resting at $80K–$83K.

BTC Daily Chart

On-chain Dynamics

On-chain metrics highlight the $92K level as critical due to the aggregate costs for various market participants. The levels where most market players purchase Bitcoin become psychologically significant as the price approaches these areas, triggering potential sell-offs to mitigate losses.

The confluence of resistance at $96K–$97K reflects the selling pressure from both recent buyers and longer-term holders, complicating potential upward movements. A sustained close above this level is essential for confirming bullish interest.

On-chain Analysis

This thorough analysis underscores that Bitcoin’s path in the near future depends significantly on its ability to leverage resistance levels and psychological barriers effectively.