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coinpedia 2025-02-07 07:46:02

Bitcoin is Breaking Down the Crucial Range—Is a Pullback to $90,000 Still Viable?

The post Bitcoin is Breaking Down the Crucial Range—Is a Pullback to $90,000 Still Viable? appeared first on Coinpedia Fintech News Ever since Donald Trump became the President of the U.S., the expectations of a flourishing future for the crypto markets have risen. Meanwhile, the sluggish trend of Bitcoin, without a strong attempt to reclaim the levels above $100K, raises some concerns over the next price action. Meanwhile, over 26,000 BTC options are about to expire today worth over $2.54 billion, with a maxpain point at around $100,000. Therefore, the BTC price is expected to display a significant rise in volatility in the next few hours. Besides this, the ETF volume has dropped to some extent, while the outflows have to be more than that of inflows. Amid the growing uncertainties around Bitcoin, the massive outflow from the centralized exchanges flashes massive bullish signals for the crypto. As per the data from Glassnode, over 170,000 BTC were withdrawn from centralized exchanges during the previous day’s trade, marking it one of the largest outflows since April 2024. This is a massive bullish signal for the BTC price rally, as the market participants could be extremely bullish on the price rally ahead. This suggests the whales are holding, which validates that this is not the top for the BTC price rally. Hence, this shift could introduce new opportunities for the market participants. What’s next? When will the price rise back above $100,000? After the recent pullback, the Bitcoin price is struggling to rise above the crucial resistance zone between $98,612 and $99,500 for a couple of days. This consolidation is expected to prevail for some more time as the bulls continue to display weakness. The drop in the CMF suggests the growing weakness within the rally as the bears are gaining strength against the bulls. However, the RSI has displayed a bullish divergence hinting towards a potential rebound. Therefore, Bitcoin (BTC) remains within a bullish range, provided the support at $95,000 is defended well. Otherwise, a pullback could lower the ranges close to $92,000, wherein a reversal is expected at $91,500. Hence, a pullback below $90,000 could be less viable until the bears do not intensify their action.