The Bitcoin market has been in the focus of investors in recent weeks not only with price movements but also with the strong signals given by technical indicators. Bitcoin, which is hovering around $88,690 on the weekly BTC/USDT chart, has entered a period that is carefully watched, especially for investors who act with technical analysis. The main topic discussed in the market is a possible “death cross” formation and the downward scenarios it may create.
Bitcoin price is currently below both the 23-week and 50-week moving averages. According to TradingView data, these levels are in the range of approximately $ 101,870 and $ 106,528, respectively. This situation causes investors who missed the selling opportunity in previous rises to create selling pressure with every reaction move.
Two Clear Scenarios Stand Out in the Technical Outlook
From a technical perspective, it is possible to talk about two basic scenarios for Bitcoin in the short term. The first scenario is that the price rises again to the $101,870 – $106,528 range and closes the week above this zone. Such a move could largely invalidate the “death cross” narrative and make the $107.155 level the next resistance point.
In the second and more cautious scenario, if Bitcoin continues to remain below this band, the $ 80,600 level stands out as the critical first support. If the selling pressure increases, $74,111 is watched as the second important stop. In particular, a downward break of $80,600 on a weekly basis may cause the market to move away from the “buying the dip” discourse and turn directly to risk management discussions. At this point, eyes turn to the $67,026 region, where the 200-week moving average is located.
Global Developments
This technical outlook for Bitcoin is not independent of developments in global markets. Recent news that fund inflows to spot Bitcoin ETFs in the USA have slowed down are among the factors limiting risk appetite. In addition, the US Federal Reserve’s cautious messages about interest rate cuts cause volatility to remain high in the crypto market. These developments show that macro pressure is increasing at a time when Bitcoin is technically fragile.
