Bitcoin Battles Bearish Tide as Sell Pressure Mounts, Eyeing $92,000
Bitcoin's price has been caught in a persistent bearish trend since the second week of October, raising concerns among market participants. After breaching the critical psychological support level of $100,000, recent on-chain analysis indicates a strengthening downside bias, suggesting that the current market structure is under significant selling pressure.
Binance Data Reveals Surging Sell-Side Dominance
On-chain research from Arab Chain, disseminated via the CryptoQuant platform, highlights a notable increase in sell-side momentum for Bitcoin on Binance, the world's largest exchange by trading volume. Analysis of the BTC Taker Imbalance % metric, which gauges market dominance between aggressive buyers and sellers, shows a negative reading of -0.17%. This figure strongly supports the observation of sustained bearish activity. Further reinforcing this trend, recent data points to a substantial disparity in trading volumes: $1.517 billion in selling volume significantly outweighed $1.058 billion in buying power, clearly indicating sellers are currently controlling the Bitcoin market's direction.
The $92,000 Question: Is This the Next Support?
The prevailing seller-dominated environment has kept Bitcoin's price anchored around the $94,000 mark. Each attempt by Bitcoin to regain upward momentum has been met with intensified sell resistance, effectively stifling any serious bullish rallies. Experts suggest this isn't merely a market correction but a recurring influx of sell pressure that threatens to overcome existing buy-side liquidity. Should this bearish momentum continue to push the market lower, analysts pinpoint the $92,000 level as the next potential price cushion. Without a significant injection of buying liquidity to counteract the sellers' stronghold, Bitcoin faces the risk of an even deeper bearish correction. Currently, Bitcoin trades at approximately $96,241, reflecting a nearly 2% loss over the last 24 hours.
