Analysis: Multiple Indicators Turn Bullish Simultaneously, Bitcoin's $90,000 Becomes Bull-Bear Battleground

Odaily News Bitcoin is maintaining consolidation above the $90,000 level, with multiple on-chain and market sentiment indicators turning positive simultaneously, releasing potential "buy" signals. Market focus is concentrated on whether this key support level can remain effective.

On the on-chain front, the Hash Ribbons indicator shows that the miner capitulation phase is gradually nearing its end and beginning to transition into the hash rate recovery zone. This indicator is based on the changes in the 30-day and 60-day moving averages of the network's total hash rate. Historically, it has often issued positive signals after the release of miner selling pressure and before the start of a new upward price cycle. Capriole Investments pointed out that the current price zone leans more towards a long-term accumulation range. On-Chain Mind also stated that this is one of the strongest Hash Ribbons signals in its records, typically indicating a reduction in forced selling.

Regarding sentiment indicators, the Fear & Greed Index has shown structural improvement. CryptoQuant data shows that its 30-day moving average has crossed above its 90-day moving average, forming a typical "golden cross." This pattern often appears after the market has experienced a prolonged downturn with prices in a compressed phase and has historically been followed by rebound trends in the subsequent weeks.

From a technical structure perspective, $90,000 is seen as the core battleground for the current bull-bear struggle. BTC is currently trading in the $90,000 to $92,000 range, which coincides with both the 200-period moving average on the 4-hour chart and key weekly support levels. Analysis suggests that as long as this level holds, the bullish structure remains intact. If the weekly chart loses the $90,000 level, the price could retreat to the $80,000 to $85,000 range, with further support located around approximately $74,500 and near the 200-week moving average.

Overall, the simultaneous improvement in on-chain data, sentiment signals, and technical patterns makes the $90,000 level a crucial gateway determining Bitcoin's short-to-medium-term price trajectory. (Cointelegraph)