Bitcoin’s Descent: The $90K Dream Turns into a Nightmare! 😂💸

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Ah, Bitcoin! That fickle mistress who dances tantalizingly close to the $90K threshold only to pull back like a shy debutante at a ball. After yet another failed attempt to reclaim those illustrious resistance zones, our beloved BTC continues its somber waltz through the market’s underbelly, showing a distinct lack of enthusiasm across various timelines. It’s as if every buyer has taken a collective vacation to the Bahamas and left their wallets behind. 🏖️

Technical Analysis

By Shayan, the Oracle of Crypto

The Daily Chart

On this daily canvas of despair, Bitcoin finds itself ensconced in a beautifully crafted descending channel-truly, a masterpiece of melancholy. The latest rejection near the lofty $90K mark serves as a grim reminder of bearish dominance, leaving BTC languishing around $87K. The 200-day and 100-day moving averages loom above like unsympathetic deities, refusing to grant passage past the sacred threshold of $100K.

Attempts to scale the heights of the $96K-97K supply zone have been met with the fervor of a cat at bath time; the structure remains obstinately bearish unless we witness a miraculous break and sustained hold above that elusive level. Until then, our next port of call appears to be the $80K area-let us hope there are refreshments waiting for us there! 🍹 Meanwhile, the momentum is as weak as your uncle’s excuses for not attending family gatherings, with the RSI stubbornly refusing to rise above 50, suggesting an impending plunge into the abyss.

The 4-Hour Chart

Ah, the 4-hour chart-a veritable soap opera of emotional turmoil! It reveals a dramatic breakdown from the once-promising ascending wedge pattern, which had formed with all the grace of a ballerina on stilts. After numerous rejections at the $95K resistance zone, BTC has finally surrendered, trading below both wedge support and any semblance of short-term range.

The current setup is decidedly bearish, and any retest of the $88K-$89K zone may act as a cruel joke-short-term resistance before we plummet further into the depths of despair. With the RSI also indicating a bearish momentum reset, the forecast suggests a trip downwards toward the $80K demand zone is becoming more probable than a cat video going viral. 🐱

Sentiment Analysis

Bitcoin Open Interest

Open Interest, that fickle friend, continues its downward spiral, much like a soap opera character facing inevitable doom. The chart indicates a sharp decline in leverage as BTC plummets below $90K, hinting at long liquidations and a catastrophic reduction in speculative exposure-oh, the humanity! 🤦‍♂️

This continuous descent in Open Interest, while the price flounders, reflects the weak conviction of bulls who seem to have misplaced their courage-and perhaps their wallets. Historically, a significant open interest flush followed by a rejuvenating reset is required to find a bottom, yet such a miracle remains absent from our horizon.

Until either a dramatic liquidation event occurs or glimmers of new accumulation appear in the distance, sentiment remains as cautious as a squirrel crossing the road, and the risk of another leg down looms like a dark cloud over a picnic. ☔

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2025-12-17 19:51