Market Overview
Bitcoin (BTC) traders experienced renewed downward pressure at Friday's Wall Street open, with the $90,000 mark becoming a critical level to watch.
Key observations indicate that Bitcoin is approaching the $90,000 level, with traders anticipating lower price targets. Analysis suggests that current liquidity conditions may favor a sweep of bids as an initial market movement. Furthermore, Ichimoku Cloud signals are pointing towards the possibility of a more significant dip in the near future.
BTC Price Dynamics and Trader Sentiment
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading down nearly 2% compared to Thursday's closing price. Following a rejection at the 2025 yearly open level the previous day, Bitcoin lacked the momentum for further gains, leading market participants to look for support retests at lower levels.
Trading account Exitpump shared fresh analysis on X, noting that the orderbook heatmap reveals a thin bid side with only reasonably large buy walls situated at $86,000 and below. The sentiment is that this could lead to a gradual filling of the gap and a reset of open interest, which would be healthy for potential upside movement.
"Thinking about slowly filling the gap and resetting OI which will be healthy for the upside."
Crypto investor and entrepreneur Ted Pillows utilized exchange order-book data from the monitoring resource CoinGlass to identify $90,000 as a significant zone. He summarized that Bitcoin currently has two decent liquidity clusters: upside liquidity around the $94,500 level and downside liquidity around the $90,000 level. Pillows believes that a sweep of downside liquidity before a reversal would be a logical scenario.
"IMO, a sweep of downside liquidity before reversal makes sense."
Pillows further described the current chart conditions as a setup that involves "cleaning the lows then deciding." Trader Daan Crypto Trades concluded the previous day that ideally, the price would not lose the ~$88,000 region again on higher timeframes.
Ichimoku Analysis Suggests Further Decline
In assessing potential future lows, trader Titan of Crypto applied Ichimoku Cloud analysis, which suggests levels closer to $80,000. A potential support zone, as noted, lies just below the current local lows of $83,900 seen at the beginning of the week.
Titan of Crypto queried, "Bitcoin $89,000 next?", referencing various key Ichimoku chart features. The analysis indicates that Bitcoin took the previous weekly high and failed to break above the Kijun. A pullback toward the Tenkan from this point is considered sensible, and this level is identified as a key one to watch. If the Tenkan breaks, the next support is anticipated to be around $83,900.
"BTC took the previous weekly high and failed to break above the Kijun. A pullback toward the Tenkan from here makes sense. That’s the key level to watch. If it cracks, next support sits around $83.9k."