Bitcoin continues its course near the 90 thousand dollar level in the shadow of increasing uncertainties in global financial markets. Escalating geopolitical tensions in the Middle East, weakening confidence in fiat currencies in developing countries and macroeconomic fluctuations caused investors to refocus on Bitcoin. In this process, the digital asset is at the center of safe harbor discussions and is going through a technically critical consolidation period.
Daily Chart and Technical Outlook
On the daily time frame, Bitcoin appears to have broken the falling channel structure upwards. However, this move encountered strong resistance in the $95,000 region. The rise starting from 80 thousand dollars was quite sharp, but it is noteworthy that the momentum slowed down at this level. The price has not yet been able to rise above the 100-day and 200-day moving averages. These averages are approximately 99 thousand and 106 thousand dollars, respectively.
The current structure can be read as an effort to move from a downtrend to a neutral outlook. If Bitcoin remains above a psychologically important level such as $90,000, a higher bottom may be formed. In such a scenario, it would not be surprising for 95 thousand dollars to be tested again and then the 100 thousand dollar region to come to the fore. Conversely, a loss of $90,000 could push the price back towards the previous downward channel and increase selling pressure in the market.
Short-Term Charts and On-Chain Data
On the four-hour chart, it can be seen that Bitcoin is stuck in a rising wedge formation. Around $90 thousand is support and $95 thousand is short-term resistance. A downward movement of the RSI indicator indicates that the upward momentum is weakening, even if the price holds above support. A possible break below $90,000 could accelerate the price towards $88,000. On the other hand, exceeding $95,000 in volume may trigger a formation breakout that usually results in aggressive rises.
In on-chain data, it is seen that the 30-day exponential average of the SOPR indicator is just below the 1 level. This shows that a significant portion of the spent coins changed hands at a loss and short-term investors exited the market unprofitable. Historically, a flattening of the SOPR below 1 may indicate the final phase of the correction or the accumulation process of strong investors.
At this point, it is necessary to draw attention to another current development. The fact that institutional inflows to spot Bitcoin ETFs in the USA have started to increase again in recent days is considered a positive signal in terms of long-term expectations. This demand coming through the ETF channel stands out as an important element supporting the structural strength of Bitcoin despite short-term fluctuations.
