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As the BTC/USD chart shows, the price of the leading cryptocurrency slipped below the psychological $90k level earlier this morning. This downward move provides grounds for several important observations.
→ First, bitcoin is performing poorly as a defensive asset. At a time when global markets are assessing risks linked to US ambitions regarding Greenland, gold is once again proving its well-established safe-haven status, having climbed above $4,700 yesterday. By contrast, bitcoin is tracking technology stocks — with the Nasdaq 100 currently at its lowest levels since the start of the year.
→ Second, the price is moving towards a key support area, increasing the risk of a much deeper decline if that support is breached.
Technical Analysis of the BTC/USD Chart
On 8 January, we discussed bitcoin’s price action within a system of two channels, both of which remain relevant. At the time, we noted that a sharp rebound from the $90k level (marked by a black arrow) signalled renewed bullish activity.
Since then:
→ bullish efforts pushed the price into the upper half of the red channel and led to a break above local resistance; however, bitcoin failed to hold at these higher levels, forming a bull trap (indicated by the red arrow);
→ bears subsequently regained control and drove BTC/USD back below the psychological $90k mark.
This behaviour highlights the persistence of selling pressure and increases the risk of a break below support that has been in place throughout 2025.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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