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

Odaily News Bitcoin is maintaining consolidation above $90,000, 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 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 miner selling pressure is released and before prices begin a new upward trend. Capriole Investments pointed out that the current price zone leans more towards a long-term allocation range. On-Chain Mind also stated that this is one of the strongest Hash Ribbons signals in its records, typically indicating that forced selling is decreasing.

Regarding sentiment indicators, the Fear and 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 experiences a prolonged downturn and prices are in a compressed phase, and historically, it has frequently been followed by a rebound over the subsequent weeks.

Technically, $90,000 is seen as the core position for the current bull-bear battle. 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 near approximately $74,500 and the 200-week moving average.

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