Market analysts warned today that Bitcoin’s economic security faces a technical threat after identifying a bearish rising wedge pattern. The chart pattern, detected near the $94,000 level, suggests a possible correction toward the $86,000 support soon. Don Wedge, lead analyst at intelligence firm Gigabrain, noted that this scenario requires extreme vigilance.
On the other hand, the technical structure shows a critical battle near the $98,300 resistance level. Likewise, this level coincides with the short-term holder cost basis, according to recent data. Therefore, if the price fails to overcome this barrier, selling pressure could intensify rapidly. The $92,000 support represents the last defense before a major drop in the current price. In this way, the bearish trend would confirm the search for liquidity in lower areas of the chart.
It is also relevant to highlight that macro traders are observing signs of exhaustion in the higher timeframes. Nevertheless, the 50-week exponential moving average indicator is now acting as a resistance level. For this reason, market sentiment remains cautious despite the temporary rebounds observed. The bearish wedge formation is a reversal signal highly respected by professional operators. Whale accumulation between $90,000 and $92,000 attempts to sustain the price against the massive sell walls.
Market consolidation and key resistance levels for investors
Additionally, data from Coinglass reveals that strong exit barriers emerged in the $95,000 zone. On the other hand, the market is consolidating around $93,000 without a clear bullish reversal signal. Since late profit spikes often appear near trend exhaustion, the risk increases. In this way, the short gamma zone increases the potential volatility of the leading cryptocurrencies in the ecosystem. Consequently, movements toward $100,000 could be tactical liquidations rather than a real organic breakout.
On the other hand, Glassnode emphasizes that staying above $98,300 is vital for restoring confidence. If the asset manages to consolidate above this threshold, new demand would be effectively absorbing the existing supply. However, repeated failure to stabilize this level would reinforce defensive behavior among the most recent participants. For this reason, the short-term holder cost basis is the primary gauge of market optimism. The green zone between $86,000 and $91,000 attracts the eyes of those waiting to buy.
What factors could invalidate Bitcoin’s bearish scenario in the short term?
Likewise, for a sustainable rally to occur, the market must enter a regime of persistent accumulation. Therefore, breaking the white resistance line near $98,000 would invalidate the bears’ thesis. In this way, bullish targets would be at $103,000 and subsequently at the $112,000 dollar mark. Nonetheless, macroeconomic uncertainty collides with institutional flow constantly throughout this year. The ability to absorb distribution from long-term holders remains a fundamental prerequisite.
Finally, the Bitcoin scenario is torn between a necessary technical correction and the assault on six figures. Investors should pay attention to daily closes below the key supports mentioned by the experts. Therefore, high volatility is expected as the price interacts with gamma and liquidity levels. In this way, monitoring the $92,000 support will be decisive for the direction of the coming weeks. The closing of the wedge pattern will define the immediate fate of the most important digital asset.
