Bitcoin currently trades within a range of about $88,000 because bearish sentiment seems exhausted. Though the downward pressure has diminished, Bitcoin lacks the continued support needed to make a sustained recovery, according to most indicators. At press time, Bitcoin is trading at $87,721.34 with an increase of 0.35% over the past 24 hours.
Bitcoin Price Action Remains Range-Bound
According to data from TradingView chart, BTC price remains level after its steep fall from the recent peak price. Despite the recent price action showing support at or above the $85,000–$87,000 demand zone, the failure to break above the $90,000–$91,000 indicates that there is still significant overhead supply of sellers willing to sell Bitcoin.
Until there is an obvious break above the resistance level, it is anticipated that price action will likely be erratic, or indecisive, and will continue to stay within the defined range.
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OBV Signals Weak Accumulation
On-Balance Volume continues a downward pattern despite the stabilisation of the price for BTC. The lower OBV means that the recent period of sideways movement has been without the support of adequate accumulation.
It is expected that in a healthy phase of recovery, OBV will begin to recover before the price; this is not being seen presently. Therefore, as long as the OBV remains lower than previous levels, attempts at upward price movement will be met with resistance and will be unable to continue upward due to the lack of accumulation by buyers.
Ted Pillows Flags Bullish Momentum Shift
Analyst Ted Pillows provided an update on X in which he highlighted a positive crossover on the BTC 3-Day MACD and commented that a similar bullish momentum shift had previously indicated the market bottom in April 2025.
He indicated that a similar potential bullish move could be occurring again, which would create a sentiment for a potential trend reversal, should the price action hold true.
In conclusion, as BTC has settled around the price point of $88K and has started to stabilize, it is still experiencing weak volume. Daily charts suggest exercising caution. Ted’s bullish crossover signal on BTC’s 3-day MACD does increase the probability of an early trend reversal if strong price and volume follow-through can be confirmed.
Also Read: Bitcoin Santa Rally Outlook: Analysts Say BTC Could Rise Before 2025 Year End
