Bitcoin (BTC) Nears Death Cross as Bearish Bets Target $90,000 Drop

Bitcoin has consistently declined over the past three days, pushing its price back below the psychologically significant $95,000 level. As bearish sentiment builds, the coin could dip to $90,000, signaling further downward momentum for the leading cryptocurrency.BTC Bearish Signals Pile UpBTC’s Moving Average Convergence Divergence (MACD) indicator is about to form a death cross, a technical pattern that occurs when the MACD line crosses below the signal line. Bitcoin MACD. Source: TradingViewThe MACD indicator tracks an asset’s price trends and identifies potential buy or sell signals based on trend direction and momentum shifts. BTC’s current MACD setup is notable because the emerging death cross on the indicator usually signals the start of extended price declines. This adds to the mounting concerns over the coin’s short-term price action.Moreover, BTC’s persistently negative funding rate further adds to this bearish outlook. Data from Coinglass shows that since May 1, the coin’s funding rate has recorded more days in the red than in the green, reflecting a growing preference for short positions among futures traders. At press time, the funding rate is -0.0002%, indicating that most traders are betting on continued downside rather than a price recovery.Bitcoin Funding Rate. Source: CoinglassThe options market also paints a grim picture for BTC’s short-term price performance. At press time, BTC’s put-to-call ratio is at 1.33. Bitcoin Options Open Interest. Source: DeribitThis means there are significantly more open put contracts—bets that BTC’s price will fall—than call contracts, which are typically bullish. A ratio above one indicates that BTC bears are hedging against further downside or actively positioning for a price drop in the near term.BTC’s Next Move: $87,000 Crash or $96,000 Rebound?BTC currently trades at $94,598, having flipped the $95,000 price mark into a resistance level. With growing bearish sentiment, the king coin could extend its decline to $92,048.If the bulls cannot defend this resistance, the price could plummet below $90,000 to trade at $87,908.Bitcoin Price Analysis. Source: TradingViewHowever, this bearish outlook could be invalidated if the bulls regain market control. In that case, BTC could regain, soar above $95,000, and rally toward $96,187.The post Bitcoin (BTC) Nears Death Cross as Bearish Bets Target $90,000 Drop appeared first on BeInCrypto.