Bitcoin Bears Hold $94K Resistance as Price Drops to $90,891 Weekly Close

Bitcoin’s price has fallen to $90,891, with the bears maintaining control as the price remains below key exponential moving averages. The weekly close near this level underscores the ongoing pressure from sellers, especially after repeated failures to reclaim higher EMAs.

On the weekly chart, Bitcoin is trading just above the 100-week EMA at $86,025, a level that has historically provided support. A sustained breakdown below $90,000 could accelerate the decline toward $86,900, aligning with December’s swing low.

Technical indicators reflect weak momentum. The RSI on the weekly chart remains below 50, signaling that bears are still in control. However, the indicator is flattening near this level, hinting that selling pressure might be stabilizing.

Why Is the Price Dropping Below $95K?

ETF outflows have deepened the bearish bias, as recent data shows $398.95 million in net outflows from U.S. spot Bitcoin ETFs on January 8. Major products like BlackRock’s IBIT and Fidelity’s FBTC were both affected, indicating reduced institutional exposure.

Spot flows also point to distribution rather than accumulation. On January 9, Bitcoin recorded a net outflow of $103.6 million, as coins moved onto exchanges during periods of weakness. This behavior typically signals that holders are reducing exposure.

What Technical Levels Are Critical to Watch Now?

Bitcoin is currently near the 0.382 Fibonacci retracement level at $90,868, which has acted as short-term support over the past two trading sessions. A sustained breakdown would expose the 0.236 level near $86,935. Conversely, a reclaim of $95,100 could shift the short-term bias to bullish.

Resistance above the current price is concentrated around $94,050 to $97,227, a zone where previous rallies have stalled. These levels must be reclaimed for a definitive shift in momentum.

What Role Do Lower Timeframes Play in the Current Structure?

The 30-minute chart shows a continued lack of follow-through buying. Bitcoin is forming lower highs with descending resistance near $92,500, and each bounce into this zone has been met with aggressive selling.

Momentum remains weak, with RSI below 50 and MACD returning to negative territory. Short-term traders are cautious, prioritizing capital preservation over new positions.

What Catalysts Could Influence Bitcoin’s Path Next?

Investors are closely watching for macroeconomic data, particularly U.S. employment and wage growth figures. A stronger-than-expected labor market could delay the anticipated easing of Fed policy, which has been a key bullish catalyst for Bitcoin.

The Bitcoin Quantum testnet has also launched as a quantum-safe fork, addressing long-term security concerns. This development, by BTQ Technologies, aims to future-proof Bitcoin against potential threats from quantum computing.

What Technical Indicators Suggest a Potential Rally?

While the weekly RSI is still below 50, its flattening suggests that the bearish momentum is weakening. A close above $92,500 and a reclaim of $95,100 would be necessary for bulls to regain control.

The MACD has maintained a buy signal since December 21, offering some support to a short-term bullish outlook. A continued expansion of green histogram bars could confirm a potential recovery.

Bitcoin’s weekly close at $90,891 highlights a key inflection point for the asset. The path forward will depend on whether bears can maintain control below $90,000 or if buyers can reclaim key resistance levels to reopen the path toward the 200-day EMA near $100,000 according to technical analysis.