Bitcoin has dropped below the 100-day moving average, indicating increased selling pressure. However, the lack of strong bearish momentum suggests weak market participation. This introduces a bearish bias and increases the likelihood of further consolidation and potential retracements towards the $90K support level. The market is in a state of indecision, with a critical support region at the lower boundary of an ascending channel and the $90K range. A reversal could trigger renewed bullish momentum, but a breakdown below this level could confirm further bearish continuation. The market is currently grappling with weakening investor sentiment due to escalating geopolitical tensions, which has dampened market momentum. The number of active addresses and transactions related to Bitcoin deposits and withdrawals has been declining, possibly indicating investor exhaustion. The short-term price movements are difficult to predict, and market sentiment and the resolution of uncertainties will play a crucial role in determining the next major trend.



Other News from Today