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As derivatives markets continue to record funding ratios tilted towards weak shorts and spot cash flows, Bitcoin is moving in line with the bearish structure shown on the chart.
The early accumulation area has been broken through, and the failure to retest the upper boundary of the downward channel has strengthened the downward momentum of the short-term trend.
Price is moving within a clear descending channel, accompanied by a series of consecutive lower highs and lower lows. The supply zone between 92,000 and 93,000 remains active, pushing prices lower from the last retest.
If Bitcoin falls below 91,000 and fails to break through the recent rebound peak, the market may continue to fall to 86,000 – a support level that coincides with the bottom of the channel and is also an area of higher liquidity.
What do you think of this decline?
