Bitcoin remains under pressure as it struggles to reclaim key resistance levels, with bearish momentum continuing to dominate price action. The crypto asset experienced modest volatility around Tuesday’s Wall Street open, briefly climbing to $88,315 before retracing lower.
The price action reflects a cautious market environment as investors position ahead of the U.S. Federal Reserve’s next interest rate decision, amid a crowded backdrop of macroeconomic and political risks.
After reaching a year-to-date high near $98,000 earlier in the year, Bitcoin has remained on a downward trajectory, signaling that sellers continue to dominate market structure. With key resistance levels holding firm and momentum skewed to the downside, traders are increasingly focused on where price could head next if selling pressure persists.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
Crypto analyst Crypto Patel noted in a recent post on X that Bitcoin has firmly rejected the $94,000–$98,000 neckline resistance zone, reinforcing a bearish technical structure. According to Patel, this rejection confirms that sellers remain in control, as the failure to reclaim this region has prevented any meaningful shift in momentum.
From a technical perspective, Patel highlighted that Bitcoin has completed a failed Head and Shoulders pattern, followed by a bear-flag breakdown. This sequence strengthens the bearish case, with price action continuing to print lower highs while struggling beneath major resistance.
As long as Bitcoin remains capped below the neckline, the broader trend remains decisively bearish. Patel added that a bullish bias would only return if BTC manages a strong reclaim and sustained acceptance above $92,000. Until then, rallies are likely to be viewed as selling opportunities rather than indications of a trend reversal.
Market sentiment has also been shaped by broader macro developments. Gracie Lin, CEO of OKX Singapore, observed that markets have become increasingly headline-sensitive as multiple risks converge. With gold posting fresh highs and investors digesting political and regulatory uncertainty, she noted that Bitcoin is likely to remain range-bound and volatile in the near term. According to Lin, price action may be influenced less by the Fed’s decision itself and more by evolving liquidity conditions and overall risk appetite.
Speculative sentiment is also visible on prediction markets. On Polymarket, a contract running through the end of the week has recorded nearly $67 million in trading volume tied to Bitcoin’s price by the end of January. The majority of participants are betting on further downside, with $85,000 emerging as the most favored potential low. In contrast, longer-term sentiment appears more constructive. In a separate Polymarket contract with over $9.3 million in volume, most bettors predict Bitcoin will reach $100,000 before year-end.
Since slipping below $90,000, Bitcoin has struggled to reclaim higher levels, a dynamic that has weighed on the broader crypto market. Ethereum remains capped below $3,000, BNB below $900, Cardano trades around $0.35, and Dogecoin hovers near $0.122. Despite this, select altcoins have shown notable relative strength, sparking renewed discussion around a potential Altseason. However, on-chain data suggests that while altcoins may be approaching a structural turning point, the market is not yet in a clear comfort zone.
Outlook
In the near term, Bitcoin’s trajectory remains tilted to the downside unless buyers can reclaim and hold above the $92,000 level. A sustained move below current support could open the door to a test of the $85,000 region, which is increasingly seen as a key downside target.
Conversely, a decisive break back above resistance would be required to invalidate the prevailing bearish structure. Until clearer signals emerge, Bitcoin is likely to remain volatile, with macro developments, liquidity conditions, and shifting risk sentiment continuing to dictate price action across the broader crypto market.