However, Dec. 20’s cooler-than-expected Personal Consumption Expenditures (PCE) report, coupled with a relatively dovish commentary from Fed President Austan Goolsbee, boosted risk appetite and helped Bitcoin recover a bit.
The recovery has stalled this week, with a mix of fundamental, technical, and on-chain indicators further indicating a bearish continuation in the Bitcoin market next. Let’s examine these outlooks below.
Bitcoin Technical Analysis: Another BTC Price Dip Toward $89,000 Likely
Bitcoin’s price action suggests potential for further downside, with technical indicators pointing toward a likely retest of $89,000 in the coming sessions.
Currently trading near $93,640, Bitcoin has pulled back from its recent high of $108,755. This decline coincides with a bearish divergence on the Relative Strength Index (RSI), where the indicator has formed lower highs despite Bitcoin’s price reaching higher peaks. The pattern often signals weakening momentum and increases the probability of downward movement.
