Bitcoin faced a rejection on Tuesday after testing a dense resistance cluster near $95,000. The zone comprises the previous monthly high from December, the upper Bollinger Band on the daily chart, and the 50% Fibonacci retracement of the decline that started in early November. The price failed to sustain above this confluence, triggering a reversal.
Triple Resistance at $95K
The daily chart shows that $95,000 was not a single line but a compressed area of technical hurdles. The December monthly high at $95K, the upper daily Bollinger Band, and the 50% Fibonacci retracement level all coincided near that price. This triple barrier made a breakout extremely difficult without strong bullish momentum.
Prior to this reversal, Bitcoin had been in a short-term impulsive wave 3, part of the larger intermediate impulse wave (5) that began in late November. That wave terminated at the resistance zone, which means the intermediate wave (5) may now be complete. The market is left searching for direction.
Bearish Sentiment and the $90K Target
The broader crypto market turned bearish on the same day, with most major coins seeing capital outflows. Lacking new catalysts, technical selling took control. Analysts now see $90,000 as the next logical downside target, a round number that also served as the starting point of the previous short-term rally. Should that level break, further declines could accelerate.
While $90K may attract some dip buyers due to prior accumulation, momentum indicators have not yet shown signs of exhaustion. The path of least resistance points lower, at least in the near term.