Traders Remain Skeptical as Bitcoin Struggles to Break Key Levels

Bitcoin has repeatedly tested resistance around $92,000 this week, yet bullish momentum continues to wane. Despite occasional relief bounces, the cryptocurrency remains trapped within a tight range, and many market participants doubt a swift surge toward the six-figure milestone.

Prediction Markets Reflect Pessimism

On leading prediction platforms, 74% of voters wager that Bitcoin will stay below $92,000 over the next seven days. This dominant bearish stance echoes a series of lower highs on the price chart and suggests traders are bracing for further downside or extended consolidation.

Technical Indicators Under Pressure

From a charting perspective, Bitcoin’s daily Relative Strength Index hovers under neutral territory, while the 50-day moving average remains overhead, acting as a ceiling. The recent attempt to reclaim this average quickly faded, reinforcing the notion that bears still control the short-term trend.

Aftermath of Last Week’s Sell-Off

Last week’s abrupt slide—from roughly $97,500 down to about $89,000—wiped out significant long positions in futures markets. Rapid liquidations amplified volatility and left order books thin, making recovery moves more fragile and prone to renewed selling pressure.

Potential Catalysts for a Rebound

Even in a bearish environment, certain catalysts could reignite buying interest. A notable inflow of institutional capital, easing of funding rates in perpetual swap markets, or a positive macroeconomic surprise could draw fresh demand. A decisive break above the $92,000 level, accompanied by strong volume, might trigger short covering and spark a relief rally.

Trader Tactics in Choppy Conditions

Faced with elevated volatility, many traders are scaling into positions near established support zones and tightening stop-loss orders. Some sophisticated desks are employing delta-neutral strategies via options to hedge directional exposure, while momentum traders await clear signals from the 100-day moving average for trend confirmation.

Conclusion

Bitcoin’s immediate outlook remains clouded by mixed technical signals and dominant bearish sentiment. While the prediction market’s overwhelming “no” vote highlights caution, key levels and potential liquidity catalysts could still pave the way for a breakout. Market participants should monitor on-chain metrics, derivatives positioning, and macro updates before placing aggressive bets on a move above $100,000.