Bitcoin [BTC]: This Isn't Looking Good For Crypto (yet)...

Market Analysis

The current market trends and sentiment are being analyzed to predict the future of Bitcoin prices.

• Bitcoin has spent more time below $100,000 than above it since surpassing that price point.
• Market trends and indecision have become more prevalent, making the last two months some of the ugliest in the crypto bull market.

Economic Events

Upcoming economic events that could impact market volatility include:

• Interest rate announcements from the US and Canada
• Unemployment claims and PCE (Personal Consumption Expenditures) data

Market Data

• The fear and greed indicator is still in greedy territory, suggesting a potential reset in sentiment.
• Bitcoin spot ETF inflows and outflows are being watched as an inverse indicator, with a recent abnormal spike potentially leading to a top.
• Daily exchange volume is showing positive action, but needs to establish a higher low above $85-90 billion per day.

Technical Analysis

• The total market cap is hovering around the key price point of $3.37 trillion, with a break beneath this level potentially leading to a retest of the range lows.
• Bitcoin's weekly time frame shows a potential double top, with the price closing low on the bar and the bears taking control.
• The daily time frame is watching for a break beneath $99,000, with a potential retest of the range lows at around $90,000.

Sentiment and Trends

• The bears are currently in control, with a potential continuation down to the next support zone.
• A capitulation event, with a week below and a close back above, could flip the sentiment and trends.
• Price needs to work its way back above $102,500 to give confidence in a retest of the 50% level.