Bitcoin’s Last Dance: Bulls Cling to $90K Cliff 🌋💸

by

Ah, the grand spectacle of Bitcoin’s descent! 🌪️ Like a tragic hero in a Gorky novel, it now clings to the precipice of $90,000, its once-mighty wings clipped by the cruel winds of the falling wedge. This pattern, a cage of converging trendlines, has trapped the coin since its lofty $126K peak. A 1.7% drop today-a mere sneeze in the grand drama of markets-yet it brings BTC to its knees, pleading for mercy at the altar of technical support. Mid-year levels, they say? More like mid-crisis! 😱

Institutional inflows, those noble knights of the quarter, have fled the battlefield, leaving behind a market exhausted and gasping. Price, momentum, volume-all converge in a high-risk waltz around $90K-$91K. At the hour of reckoning, BTC trades at $90,931.48, according to the oracles at CoinMarketCap. Will it hold? Or will the wedge’s embrace tighten like a noose? 🤔

The Wedge of Doom: BTC’s Final Stand

Since its $126K coronation, Bitcoin has been shackled within a descending wedge, a pattern as bearish as a winter’s frost. Each bounce from the lower trendline-a desperate cry of the bulls-has bought time, but now, at $91K, the line is drawn in the sand. Or should we say, in the ashes? 🔥

A falling wedge, they tell us, signals exhaustion-a last gasp before the breakout. But only if the trendline holds. Break it, and the floodgates open. A technical pattern, yes, but also a metaphor for the human condition: hope against hope, even as the ground crumbles beneath. 🌋

Bitcoin Price Chart

Below the wedge, the Simple Moving Averages loom like specters-20-day, 50-day, 100-day, 200-day-all pointing south. A bearish symphony, each note a nail in the coffin. And the RSI? A paltry 29, whispering of oversold conditions. A bounce, perhaps, but at what cost? 🪦

Today’s chart, a tragedy in three acts:

  • BTC kisses the wedge’s trendline for the third time-a lover’s farewell? 💔
  • The pattern holds… for now. But a close below $90K, and the play is over.
  • Next stops? $88K, then $84K-zones of historical desperation. Liquidity awaits, like vultures circling. 🦅

Compression builds. A storm brews. The market, ever fickle, demands a sacrifice. 🌩️

Panic Sells: The Weak Hands Waver

Glassnode’s data tells a tale of woe: short-term holders, those fair-weather friends, are bleeding $427M/day in realized losses. The highest since November 2022! Panic? You bet. Stress? Like a Gorky protagonist, they’re cracking under pressure. Selling at a loss, they flee the sinking ship, leaving the bulls to man the pumps. 🚢💨

Short-Term Holder Losses

Swissblock chimes in: capitulation looms. Weak hands exit, stage left. The bulls, once proud, now tremble. Can they hold the wedge’s base? Or will the bears feast on their tears? 🐂🆚🐻

The Fork in the Road: Two Paths, One Coin

Behold, the scenarios-a choose-your-own-adventure for the damned:

Scenario 1: The Bull’s Last Hurrah 🎉

If $90K-$91K holds, a rebound to $96K-$98K is possible. Resistance at $105K, then $112K. A rally, a reprieve, a final act of defiance. But can the bulls summon the strength? Or is this but a dying gasp? 💪

Scenario 2: The Bear’s Feast 🍖

A close below $90K, and the gates of hell open. $88K, then $84K-zones of liquidity, zones of despair. Realized losses rise, ETF flows wane. The bears sharpen their claws. Will BTC survive the mauling? Or is this the end of the road? 🦴

The Crypto Times’ Verdict: A Market on the Brink

Bitcoin stands at the precipice, its fate hanging by a thread. Oversold momentum, rising losses, wedge compression-the stage is set for a climax. A bounce, if the bulls roar. A collapse, if they falter. The next 24-48 hours? A drama worthy of Gorky himself. Will it be tragedy or triumph? Place your bets, comrades. 🎭

Read More

2025-11-19 11:35