BTCUSDT Current Bitcoin situationBitcoin once again encountered strong weekly resistance in the 89682-90395 zone. The price has already bounced from this area, falling more than 3%. This confirms that bears are actively defending this level and preventing the price from breaking higher.
The market is currently still in an accumulation phase. The price is being held down by daily support in the 84740 area, which remains a key support area for bulls. While this zone holds, it's too early to predict a significant decline.
However, it's important to note that large sellers are currently dominating volume. Their main goal is to gradually push the price lower, accumulating more volume and creating the potential to break out of the accumulation downwards. This makes upward movement difficult and limited at the moment.
For bulls, the situation looks different. The 84740 support area remains the main area of interest. If the price declines, this is where active defense and attempts to prevent the market from falling further should be expected.
Thus, the price is squeezed between strong upper resistance and lower support. Bears still have the upper hand, but key support hasn't yet been broken. Further movement will depend on which side takes control first.
