The Bitcoin price (BTC) remains mildly supported around $86,900, within a four-day trading range, early Thursday. In doing so, the crypto major pares its weekly loss, the second one in a row, despite the market’s cautious mood ahead of key data/events.
Also Read: What Happened in Crypto Markets in the Past 24 Hours!
Thursday’s monetary policy decisions from the European Central Bank (ECB) and the Bank of England (BoE), as well as the U.S. Weekly Initial Jobless Claims, could affect the U.S. dollar moves, likely with a positive touch, which in turn can propel volatility into the cryptocurrency market.
Read Details: Crypto Weekly Price Prediction: BTC, XRP Stall, ETH Edges Up,Key U.S. Data Eyed!
Notably, sluggish trading volume and market capitalization (market cap) join BTC’s short-term trading range to allow traders a breathing space before a volatile session. According to Santiment, Bitcoin’s daily trading volume remains sidelined around $44B, keeping the four-day range, even as the market cap portrays a corrective bounce from a three-week low to $1.72 trillion by press time.
That said, the Bitcoin price faces a second consecutive weekly loss and a third monthly negative while likely ending 2025 on a negative note, stalling the two-year uptrend.
It’s worth observing that BTC’s breakdown of a month-old support line, now immediate resistance, joins bearish signals from the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) momentum indicators to lure sellers.
Can BTC bears approach $80K support? Read Details Here!
Bitcoin Price: Daily Chart Defends Bearish Pressure
Even if the Bitcoin price bounces off the 78.6% Fibonacci retracement level of its April-October rise, Monday’s clear downside break of a month-old ascending support line, now immediate resistance near $89K, keeps BTC sellers optimistic.
Also keeping the crypto bears in play is November’s first “Death Cross” since January 2022, a bearish moving average crossover wherein the 50-day Exponential Moving Average (EMA) crosses the 200-day EMA from above. On the same line, the mid-November downside break of horizontal support from May adds strength to the bearish outlook surrounding the Bitcoin price.
Looking at the momentum indicators, the RSI grinds near the 50.00 neutral threshold, despite being softer of late, while the MACD flashes bearish signals (red histograms).
Against this backdrop, BTC rebound remains elusive as long as it stays below the $90.0K support-turned-resistance.
Beyond that, the 61.8% Fibonacci retracement level around $94,250, also known as the “Golden Fibonacci Ratio,” and the 50-day EMA of $94,510 could test BTC bulls before giving them control.
Above all, Bitcoin buyers may find it challenging to overcome previous support from May and the 200-day EMA, which are close to $98K and $102,555 respectively.
On the flip side, the 78.6% Fibonacci ratio of $85,540 and an ascending trendline from April, close to $84K, could restrict short-term declines of the Bitcoin price.
Below that, a broad support zone from late March, between $81,500 and $80,500, will act as the final line of defense for BTC buyers, a break of which could direct the Bitcoin price toward April’s yearly low of $74,451.
Bitcoin Price: Four-Hour Chart Lures Sellers
On the four-hour chart, the Bitcoin price seesaws around the 23.6% Fibonacci Extension (FE) of its October-December moves while keeping the previous reversal from the 200-bar EMA and a downside break of a month-old ascending support line, now resistance.
Notably, the RSI is stronger than the daily chart but remains below the 50.00 neutral level, while the MACD signals are in the red, suggesting a gradual downside move.
Hence, BTC looks set to test the 38.2% FE support of $82,260, while its further downside can aim for the 50.0% and the 61.8% FE levels of $78,730 and $75,350 in that order.
Meanwhile, the support-turned-resistance line from November 21, near $90K, precedes the 200-bar EMA of $92,065 to restrict short-term BTC rebound.
Should the Bitcoin price remain firmer past the 200-bar EMA, a descending trendline from early October, close to $95,700, stands tall to challenge the recovery moves before the higher levels discussed on the daily chart.
