Key Insights:
- Bitcoin price stuck below $93K as whales increase longs—market expects short-term correction ahead.
- Historical cycles show major drops follow parabolic breakdowns—$93K remains a critical resistance level.
- Whale behavior signals delay in breakout—pullback likely before any sustainable BTC rally begins.
Bitcoin was trading at $86,065.10, posting a 5.9% drop in the past 24 hours and 0.3% over the last 7 days. Selling pressure has returned, with the price staying below the $93,000 resistance zone. Market watchers have pointed to this level as a turning point for trend reversal.
On the 4-hour chart, Bitcoin is still moving inside a falling channel, suggesting that sellers remain in control.
Analyst Captain Faibik noted,
“As long as $BTC bulls don’t reclaim the 93k resistance level, the market will remain in bearish territory.”
The recent bounce from the lower channel line has not changed the larger direction.
Price was hovering below a known supply zone just under $93K. Without a clean move above this level, buyers may continue to struggle to shift the short-term trend.
Historical Setups Show Repeated Breakdown Patterns
A long-term chart posted by trader Peter Brandt tracks Bitcoin through five major upward cycles. Each one ended after a steep climb, followed by a breakdown and heavy drawdown. The current cycle shows signs of following the same pattern.
Peter Brandt stated,
“There have been five major bull market cycles in $BTC since inception. In all previous cycles the violation of the dominant parabolic advance has been followed by a 75%-plus correction.”
However, His chart shows past peaks where the price sharply reversed after breaking the curve of each advance.
Bitcoin’s recent flattening curve on the same chart has sparked caution. If it follows earlier patterns, deeper losses could follow unless the market quickly reclaims lost ground.
Whale Positions Signal Delay in Upward Move
Data from Bitfinex shows a small rise in BTC long positions held by large players. In the past, similar moves were followed by dips in price. This setup has repeated several times over the last year.
Analyst CW shared,
“A downward trend must occur within the remaining two days to confirm the start of the rally.”
He also added,
“If long positions increase again, the start of the rally will be delayed further.”
These patterns suggest that too many long positions without a pullback can prevent a breakout from gaining strength.
Past data shows that when long positions spike, Bitcoin often faces short-term selling before any sustained rally.
Market Needs a Break Above $93K
Bitcoin continues to face rejection at the $93K mark. Until the price moves above this level with volume, traders remain cautious. The market is waiting for confirmation before calling a shift in direction.
Current data shows mixed signals—short-term interest from buyers but no breakout yet. The wider trend remains tilted toward the downside while the $93K resistance holds.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bitcoin-bearish-until-93k/