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

According to Odaily, Bitcoin continues to fluctuate above $90,000, with multiple on-chain and market sentiment indicators simultaneously turning positive, 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 a hash rate recovery zone. This indicator is based on changes in the 30-day and 60-day moving averages of the network's total hash rate. Historically, it has often given positive signals after miner selling pressure subsides and before prices initiate a new upward trend. Capriole Investments points 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 and Greed Index has shown structural improvement. CryptoQuant data reveals 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 experiences a prolonged downturn and prices are in a consolidation phase, and historically, it has frequently been followed by a rebound over the subsequent weeks.

Technically, $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, an area that coincides with both the 200-period moving average on the 4-hour chart and a key weekly support level. Analysis suggests that as long as this level holds, the bullish structure remains intact. If the weekly chart closes below $90,000, the price could retrace to the $80,000 to $85,000 range, with further support located around $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 juncture for determining Bitcoin's short-to-medium-term trajectory. (Cointelegraph)