This One Bearish Setup Could Flip Bitcoin’s Bottom Theory ‘Upside Down’

Bitcoin is trading near $87,700 after failing to convincingly clear $88,100, raising doubts about the recent bottom formed at $80,500. Two main bearish signals suggest the recovery may stall. First, a hidden bearish divergence exists on the Relative Strength Index (RSI), where price made a lower high while RSI made a higher high, typically signaling downtrend continuation. Second, the 100-day Exponential Moving Average (EMA) is nearing a bearish crossover with the 200-day EMA near the critical $88,100 resistance level. On-chain data supports caution, as wallets holding 1,000 to 10,000 BTC have been reducing holdings, mirroring activity before an 8% drop earlier in November. If these bearish indicators play out, the current BTC bottoming theory could be flipped "upside down." Key resistance is $88,100; breaking it could lead to $93,800, but losing the support at $80,500 would confirm a further drop and extend the bottoming process.

(Source：BeInCrypto)