Bitcoin Tests $92K Support : Make-Or-Break Moment For The Market

Bitcoin is once again at a critical turning point. After weeks of consolidation in a narrow range, leading technical indicators suggest a bearish scenario that could shake the market. According to Material Indicators, several death crosses have appeared on BTC’s daily charts, a signal typically associated with increased selling pressure. This setup worries traders, especially since the $92,000 level could be tested as support. Should we expect just a temporary correction or a more sustainable downtrend ?

A Bearish Signal That Is Accelerating

The last few days have been marked by a rise in uncertainty among bitcoin investors. Material Indicators has alerted to the emergence of several death crosses on the daily chart, a phenomenon where the short-term moving average crosses below the long-term moving average. This signal is generally interpreted as a warning of prolonged decline. “We are witnessing death crosses on the daily bitcoin chart, but we are also seeing an increase in buying liquidity in the order book, which could limit downward volatility,” specifies the analysis shared on social network X (formerly Twitter) on February 17, 2025.

In Binance’s order book, the levels of $95,000 and $92,000 are identified as the main points of liquidity accumulation. This concentration of bid interest could temporarily slow the decline, but the market is still waiting for a clear signal to validate or invalidate this support. Meanwhile, institutional investors seem to be reducing their exposure, which leaves room for a market dominated by retail traders.

A Market Waiting for Catalysts

Despite the technical tension, some analysts take a more measured stance. Keith Alan, co-founder of Material Indicators, downplays this potential correction and explains that it could simply be a “shakeout,” a temporary liquidation movement. “I am not afraid of this decline. On the contrary, I welcome it and plan to strengthen my long-term position,” states he on platform X this February 17. This view contrasts with the concern of other observers who remind us that, without a positive catalyst, bitcoin could enter a phase of increased volatility.

The absence of significant volumes and the closure of Wall Street due to President’s Day have accentuated this waiting period. QCP Capital, a crypto trading firm, observes a marked drop in volumes and a decline in volatility realized at 36 %. For them, the options market is in a wait-and-see position, preferring to await concrete macroeconomic signals rather than react to mere technical fluctuations. This caution clearly shows that, despite bearish signals, investors are still searching for a clear direction for bitcoin.

The bitcoin is currently playing a decisive game on the technical front. If the supports identified at $95,000 and $92,000 hold, the market could see it as an attractive entry point for a new bullish phase. Conversely, a breach below these thresholds could accelerate the correction and open the door for an even more bearish scenario. For now, the balance rests on the buyers’ ability to defend these levels, in anticipation of a macroeconomic or institutional factor capable of bringing momentum back to the market.