Bitcoin’s latest price action suggests the bulls may be running out of steam. After spending several days trying — and failing — to break above the $94,000 mark, momentum has weakened, and concerns are rising that the market may be gearing up for a deeper pullback. With multiple indicators flashing resistance at the same zone, the chances of a near-term rejection remain high.
Over the past week, BTC has been trapped below $94,000, a level that now acts as a critical ceiling for upward movement. Traders have watched the price hover in a tight range with no real conviction, as buying volume continues to thin out. The absence of strong participation from bulls has made it increasingly difficult for Bitcoin to reclaim this area, let alone push toward new highs.
The resistance around $94,000 isn’t just psychological — it’s backed by several powerful technical signals. The daily chart shows this level overlapping with the 0.618 Fibonacci retracement of the previous major swing, a key spot where markets often stall. The VWAP (volume-weighted average price) also sits in the same zone, adding another layer of pressure. When these indicators line up, they tend to create a stubborn resistance cluster that requires significant volume to break through.
But so far, that volume hasn’t shown up. Instead, Bitcoin has been producing weaker candles below resistance, highlighting clear hesitation in the market. Buyers appear unwilling to take aggressive positions at current prices, while sellers feel increasingly confident defending the zone.
If BTC continues to lose ground, the next major support to watch sits near $78,430. This level lines up with Bitcoin’s broader high-time-frame structure and has historically acted as a reliable bottom within the current price channel. A revisit to this support becomes more likely if Bitcoin fails to hold the point of control — a key area that currently props up the market.
Industry chatter has also shifted toward new narratives, including the growing focus on commoditized hashrate and the evolution of Bitcoin mining as a financial sector. Still, these broader themes haven’t been enough to fuel short-term price strength. Even comments from major figures in the space — such as Strategy’s CEO insisting that selling BTC is “Plan Z” — have done little to influence the immediate trend.
What’s next?
If Bitcoin remains stuck under $94,000 and closes below the point of control, a slide toward $78,430 becomes the most likely outcome. Bulls will need a clean breakout backed by strong volume to flip the narrative and regain momentum. Until then, the market remains vulnerable to further downside as rejection pressure continues to build.
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