Bitcoin’s price continues to navigate under the $90K range following weeks of selling pressure. While buyers are attempting to stabilize in this mid-range, momentum shows weakness across higher timeframes. Recently, the price action indicates a temporary relief, but the general sentiment among institutional players remains one of caution.

Bitcoin Price Overview: Technical Insights

Daily Chart Analysis

On the daily charts, BTC remains within a descending channel that has developed over the past few months. Critical moving averages (100-day and 200-day) are positioned above the current price, creating resistance at levels around $103K and $108K. Previous attempts to bounce back have been limited within the constraints of this descending pattern.

BTC Daily Chart

Source: TradingView

Key support is established at $80K, having been tested on two occasions already. Should this level fail, attention will turn to a significant demand zone approximately around $72K. The RSI has started to recover from an oversold position, hinting at potential short-term bullish momentum, although a strong reversal has yet to occur.

4-Hour Chart Insights

On the 4-hour chart, BTC has recently broken down from a previously established rising wedge. After testing the $90K lows, buyers are making an effort to regain territory, but the endeavor lacks volume to support recovery.

The price aims to construct a new higher low, though the overall structure remains bearish. A discernable rejection occurred near $88K, which historically serves as a support-turned-resistance level. If buyers cannot reverse this area quickly, a retest of the $80K support is likely.

The RSI has improved from its lows, yet it continues to trend below 60, indicating limited strength. Consequently, there is a high probability of further declines unless BTC regains ground above $90K swiftly.

BTC 4-Hour Chart

Source: TradingView

Market Sentiment Analysis

Coinbase Premium Index Insights

The Coinbase Premium Index remains in the negative zone, indicating ongoing selling pressure from institutions based in the U.S. This divergence has persisted over recent months without signs of reversal.

Each local price surge has been met with increasingly negative premium readings, suggesting that prominent Coinbase traders are offloading during strength. Until we see a return to a positive or at least neutral state, broader positive movements for Bitcoin remain limited.

Overall sentiment leans towards risk aversion among U.S. investors, confirming that institutions are hesitant to recommit aggressively.