Bitcoin Flat at $89,000, but Charts Warn Buyers Are Losing Ground
Bitcoin is consolidating near $89,500, but technical indicators suggest buyers are defending against a breakdown rather than initiating a rally.Summary
Bitcoin's price is flat near $89,500, despite weekly losses, with technical charts indicating a defensive stance by buyers rather than an advancing rally. The daily candles resemble dojis, reflecting hesitation, and Bitcoin has fallen below its 20-day Exponential Moving Average (EMA), a bearish sign that previously preceded an 8% correction. This price action is occurring at the lower boundary of a rising wedge pattern, which suggests a potential breakdown toward $77,300 if support fails.
On-chain data reveals that while long-term holders (LTHs) are still net buyers, their buying intensity has declined by about 24% over four days. Simultaneously, a lesser-known pressure source—Bitcoin miners—is increasing selling. Miner selling surged over eightfold in two weeks, likely due to a sharp 70% collapse in network fee income, squeezing their margins. Whale address activity is also beginning to soften.
The market hinges on key price levels: a daily close above $91,000 is needed to reclaim the 20-day EMA and ease downside pressure. Conversely, a daily close below $88,500 would break the rising wedge support, opening targets toward $84,300 and potentially $77,300 if LTH support continues to wane against miner selling.
(Source：BeInCrypto)