1212 Bitcoin still struggling at $90,000, when will the trend arrive?

Bitcoin continues to consolidate around $92,000 after sharp fluctuations yesterday, with analysts stating: The downside pressure facing Bitcoin is easing, but the market has not fully exited risk.

Bitcoin’s performance in the fourth quarter has been difficult, after failing to effectively break through the $125,000 level at the beginning of the quarter. During this period, Bitcoin and the US dollar showed a certain inverse relationship: as the dollar broke out of a descending wedge and continued to strengthen, Bitcoin’s selling pressure intensified, with the largest decline reaching 35%, until the price attracted buying interest above $80,000. Since then, the dollar has weakened, and Bitcoin rebounded accordingly, but the recovery in cryptocurrencies has lagged significantly behind the dollar’s mirrored decline. From a weekly chart perspective, this rebound still appears hesitant, with the past three weekly candles showing prominent upper shadows, highlighting persistent selling pressure during the rebound. Notably, the key level of $90,000 has always been difficult for Bitcoin to sustain above for an extended period.

From a daily chart perspective, acceptance of $90,000 is increasing. After the price dipped near $80,000, Bitcoin gradually built a higher low structure, and with higher lows, the rebound highs also slightly elevated. Although gold and silver have already successfully broken through, Bitcoin’s strength remains noticeably insufficient, performing worse than other hedging assets.

From a technical point of view, the 4-hour chart is forming an ascending triangle pattern. A successful breakout above this resistance would place the next major resistance zone below $100,000, which is particularly critical and may become the primary target for bulls in the next phase.

Amidst the complex interplay of bulls and bears, the subsequent trend of Bitcoin presents multiple perspectives:

1. Bullish perspective: The downside break lacks persistence, and a higher low structure has recently formed.

2. Bearish perspective: Bitcoin’s performance remains weak, indicating insufficient upward momentum.