Bitcoin's rising wedge pattern remains intact, and we will see which direction it breaks. There is minimal buying pressure, and BTC has been rejected every time it approaches the $95,000 mark. Be prepared for a potential quick decline toward the $90,000 area.
This sustained negative trend suggests that aggressive sellers are currently dominating the market. The weakening spot demand could point to profit-taking, buyer exhaustion, or the early stages of a trend reversal. Caution is warranted as we approach key support zones.
Price is trading within a downward channel and is now testing the resistance line. A long position should only be opened if the price breaks above the resistance line. A rejection from this point will likely push the price toward the support area.