Bitcoin (BTC) is currently trading at around $91,500 after struggling to maintain the $92,000 mark earlier today. Although the asset has recorded minor gains for the day, it has slipped by 1% over the past week.

Analysts are closely monitoring key technical indicators, particularly the RSI, which has fallen below a level that typically characterizes strong trend cycles.

RSI Falls Below 60, Potential Trend Shift Ahead

The monthly Relative Strength Index (RSI) has dipped below 60, prompting concerns regarding the ongoing phase of the cycle. Analyst Egrag Crypto expected this level to hold firm, stating:

“I expected RSI to hold above 60 and continue toward the 80–90 cycle-top zone.”
“We are now in the neutral-to-slightly bearish zone. This area often acts as a decision zone, not a final verdict.”

Despite a slight upward curve in the RSI, momentum remains vague. Egrag highlighted that regaining the 60 mark could reignite the bullish cycle. If not, the likelihood of further consolidation increases, with the next RSI support projected at 38.

Resistance at $92K Continues to Challenge Bitcoin

Bitcoin briefly touched $92,400 on Monday but promptly retraced, coinciding with the rekindled tensions between US President Trump and Federal Reserve Chair Powell. Since then, BTC has dropped back under the $92,000 mark.

The $92,000 price point remains a significant barrier. Without a decisive breakthrough and sustained trading above this level, the risk of revisiting the yearly open price heightens. Past analysis has also hinted at a potential downward move towards $70,000 if selling pressure intensifies in the weeks to come.

Additionally, Bitcoin remains above a short-term ascending trendline and the 21-day moving average, which are aiding in maintaining price stability around $90,000. Analyst Michaël van de Poppe asserted:

Price Range Limits Momentum for Now

Crypto analyst CryptosBatman categorized BTC’s current actions as being trapped within a weekly inside bar pattern. He explained:

“The market is super boring right now… price is moving within the highs and lows of the weekly candle from 17th November.”

Daan Crypto Trades pointed out that the first quarter typically yields more pronounced price movements for Bitcoin, recalling that “the last time it did awful was in 2018… Q1 tends to be quite good, especially in recent years.” Traders remain vigilant as to whether BTC can maintain support or if another downturn is forthcoming.