Bitcoin's (BTC) price is under pressure after a recent retreat to $94,500, raising concerns about a potential drop below $90,000. Traders are responding to this volatility by purchasing protective put options following a 5% decline on Monday. One key indicator is the 25-delta risk reversal, which shows a negative shift, indicating that out-of-the-money put options are being favored over call options, suggesting a market bias towards further declines. Moreover, the Coinbase premium indicator reveals a diminished interest in BTC within the U.S. market, as prices on Coinbase are now lower compared to Binance, reflecting reduced demand. Lastly, a daily chart analysis reveals a bearish divergence in the Relative Strength Index (RSI), where prices reached new highs while the RSI did not, indicating weakened bullish momentum. Support levels are expected between $87,000 and $88,000, which could act as a temporary floor while long-term trends remain bullish.

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