The current market situation indicates that the price of Bitcoin is threatened by a bearish trend, with a decline to $90,000 by the New Year. After December 17, when the price of BTC reached an all-time high of $108,446 on the Bitstamp exchange, the coin sharply depreciated by 15%. Then the asset's value was corrected, bouncing off a low around $92,000, however, the bulls failed to maintain the initiative in their hands. In the range from $97,500 to $99,800, a key resistance zone was formed, because holders of about 924,000 cryptocurrency wallets bought 1.2 million Bitcoins worth $117 billion at this price. Obviously, the low trading volume will not allow buyers to break through this strong barrier, and the BTC price will continue to decline. Currently, the cryptocurrency price fluctuates below the ascending trend line that emerged in November. This barrier was broken on December 20, and on Saturday the bulls could not secure above it. Accordingly, the bearish trend should continue until the coin depreciates at least to $90,000.
There is no added optimism from the statistics of BTC-ETF issuers. On Thursday, capital outflow from American funds based on Bitcoin reached $680 million, and on Friday the negative trend persisted, with derivatives losing $277 million. Prior to this, the ETF had recorded an inflow of funds for 15 consecutive days, so it is clear that the market turned out to be severely overbought, and it will not be hindered by cooling.
