Bitcoin, the world’s first cryptocurrency, is currently trading at an important level. Its price is between strong resistance at $90,000 and a potential support zone ranging from $70,000 to $65,000. Traders are closely monitoring the price movement in these areas to predict its next direction as the year wraps up.
What Is Happening Below $90K
A crypto analyst, Crypto Patel, has identified a bearish pennant forming in Bitcoin. A bearish pennant is a pattern that shows price tightening in a smaller range after it has already dropped. This indicates a possibility of further price declines. Bitcoin’s price, currently around $87,900, is moving closer to the peak of this pattern.
According to Patel, Bitcoin must break above $90,000 to have a chance at climbing higher towards $107,000. However, if it fails to break above this level, it could drop further, possibly to $70,000 or even $65,000.
Another crypto expert, Lennaert Snyder, highlighted that Bitcoin reached $86,900 recently. He referred to this price area as significant for “long trades.” A long trade is when traders buy an asset, expecting its price to rise. Snyder, however, prefers to wait for some liquidations (price dips) to occur before entering such trades.
For long trades, Snyder mentioned $85,000 or lower as potentially better entry points if Bitcoin’s price dips further. On the other hand, for short trades – when traders sell in anticipation of a price drop – Snyder stated that he would only act if Bitcoin rises above $90,600 and shows signs of weakness after that. He also noted that if Bitcoin strongly reclaims and stays above this level, it could signal further upward potential.
Bitcoin’s Weekly Chart Sends Warning Signs
An analyst named Ali Martinez shared a concerning signal on Bitcoin’s weekly chart. He pointed out a “death cross,” which appeared three weeks ago. A death cross happens when the 10-week moving average (short-term trend line) drops below the 50-week moving average (long-term trend line). It usually suggests that the price could continue falling, as seen in previous market cycles. For example, Bitcoin witnessed price drops of 54% to 66% during such signals in the past.
Martinez also warned that Bitcoin’s current recovery might be a “dead-cat bounce.” This term refers to a temporary rise in the price after a large drop, typically before it falls again. In the past, similar situations happened after Bitcoin’s peak in 2021. Right now, Bitcoin is sitting near its 100-week moving average, which has historically marked the beginning of major corrections (price declines) in its cycle.
Could Bitcoin Stay in a Long-Term Price Range?
Another analyst, Daan Crypto Trades, pointed out that Bitcoin is nearing the lower zone of its regression trend. This trend is often called the “rainbow chart” by traders. This zone, between $60,000 and $80,000, is where Bitcoin typically settles during a “bear market” (a period of falling prices). Daan noted that, except for 2022, Bitcoin has usually stayed within this range during such times.
If Bitcoin holds within this price range, traders are closely watching for its reaction at the lower border. What happens next will likely determine if Bitcoin moves upward again or heads downward as the market enters 2026.
In summary, Bitcoin is at a crucial point with multiple possible directions. Breaking above $90,000 could lead to higher prices, while failing to do so might result in significant drops. The upcoming weeks will be critical to understanding its next major move.