Dear traders,
Bitcoin is trading around $90,333 after a sharp decline this month, losing about 21% and marking its largest monthly drop since mid-2022. The drop is due to forced liquidations, profit-taking, and uncertainty regarding macroeconomic conditions. It has found some support around $87,000 and has slightly rebounded. On-chain data shows about $BTC moving to cold storage, which reduces the available supply and could be bullish. Momentum indicators also suggest that $BTC is oversold, which could favor a short-term rebound.
However, the risk remains as $BTC has recently breached a key support zone, and analysts warn that a "death cross" could signal a deeper correction. If buyers step in, BTC could test resistance around $100,000 and potentially $110,000. If selling pressure continues, support levels near $85,000–$88,000 could be tested. Overall, Bitcoin is in a fragile phase, with a potential rebound if sentiment improves, but the risk of decline remains significant. It is currently bearish.
