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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