(MENAFN- Daily Forex) Bearish view

• Sell the BTC/USD pair and set a take-profit at 90,000.
• Add a stop-loss at 100,000.
• Timeline: 1-2 days.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 100,000.
• Add a stop-loss at 90,000.

Bitcoin price has remained under pressure in the past few months, moving from the year-to-date high of $126,400 to a low of $95,000. The BTC/USD pair has dropped by 24.5% from the highest level this year as a risk-off sentiment continues Price Drops as Risk-Off Sentiment Prevails

The BTC/USD pair has been in a strong downtrend in the past few months. It has plunged from the year-to-date high of 126,400 to 95,000, mirroring the performance of other top tokens in the crypto market.

The decline happened as ETF outflows continued, signaling a lack of demand from American institutional investors. These funds have shed billions of dollars in the past few months.

The BTC/USD pair has also dropped as the futures open interest plunged from over $94 billion earlier this year to $64 billion. This decline accelerated after the big liquidation event in October when traders lost billions.

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Bitcoin price has also retreated as the Fear and Greed Index has remained in the fear zone. It is common for Bitcoin to retreat sharply when there is a sense of fear in the market.

Additionally, there is a sense of rotation from Bitcoin to other assets now that the stock market and gold are doing better this year.

EURUSD Chart by TradingViewBTC/USD Technical Analysis

The daily timeframe chart shows that the BTC/USD pair has remained under pressure in the past few weeks. It has recently formed a double-top pattern whose neckline was at 107,283.

The pair is about to form a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) narrow. It has moved below the Supertrend indicator.

Also, the Average Directional Index (ADX) has jumped to 32, a sign that the strength of the downtrend is continuing. The Relative Strength Index (RSI) has continued falling and is nearing the oversold level.

Therefore, the most likely scenario is where Bitcoin continues falling as sellers target the psychological point at 90,000. A move above the double-top's neckline at 107,288 will invalidate the bearish Bitcoin forecast. Such a move will point to more gains, potentially to 110,000.

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