BTC price continues to linger around $90,000 and the US market open is less than 2 hours away. Yesterday we explained why cryptocurrencies fell within 1 hour of the US market open. Today, we will examine the possible bottom scenario by looking at different metrics and details.
Bitcoin Bottom Target
Yesterday BTC ETF There was an outflow of 60 million dollars from its products and December continues with a total net outflow. The December 4 sales and the fact that it continued from where it left off as of yesterday shows that investors preferred to stay on the sidelines hours before the Fed’s interest rate decision.
Moreover Bitcoin (BTC) 
$86,989.86 It targets $67,380 due to the bear flag it created on the daily chart. This technical formation started to form at the $107,000 drop on November 11 and says we could see another 25% loss. Moreover, Roman Trading believes that as the MACD and RSI exit the oversold zone in the ongoing consolidation process, there is room for a larger decline.
Aaron Dishner’s Bitcoin Prediction
cryptocurrency analyst Aaron Dishner says there could be a test of $98,000 before the ongoing bearish trend has painful consequences. Many analysts are predicting this before the deeper bottom, and Roman Trading, one of the most popular bears, even said that this false top could extend to $104,000.
Dishner shared the graphic below and wrote:
“Bitcoin Yesterday it almost tested the first resistance zone level. It remains inside the bear flag and it is likely to revisit the support near $86,000-87,000. If Bitcoin rises, it will face resistance at $92,216, followed by resistance below the upper bear flag line near $98,000.
Volume remains too weak to reach higher highs.
“A horizontal trend is expected for a few weeks.”
On the other hand, CVD, which monitors the volume difference between buying and selling, gives warning signals because it remains in the negative zone even though net spot purchases have recovered. This reading, which points to the continuation of aggressive sales, confirms that the downward trend still remains dominant in the short term. Although all these indicate that December will be unpleasant for cryptocurrencies, the tone of Powell’s statements tomorrow evening may be decisive.
