Bitcoin has struggled to reclaim the psychologically important $100,000 level over the past few days, signaling weak buying interest at lower levels. CryptoQuant analyst J. A. Maartunn noted in a recent post that Bitcoin is flowing out of derivative exchanges and into spot exchanges, which could indicate the beginning of a bearish phase. Meanwhile, market sentiment has turned cautious, as reflected in last week’s large outflows from Bitcoin exchange-traded products ETPs).

A CoinShares report revealed that Bitcoin ETPs saw $430 million in outflows, likely influenced by macroeconomic uncertainties and hawkish comments from Federal Reserve Chair Jerome Powell.

Bitcoin bulls are struggling to push the price above key moving averages, suggesting that buying interest weakens at higher levels. If sellers take control and drive BTC below $94,000, the pair could drop toward the critical support at $90,000. Buyers are likely to defend this level aggressively because a breakdown and close below it would confirm a bearish double top pattern, potentially triggering a deeper correction toward $70,412. However, if Bitcoin manages to reclaim the moving averages, it would indicate renewed bullish momentum, setting the stage for a rally toward $102,500 and possibly extending to $106,500. Ether remains range-bound, trading between $2,111 and $4,094 as buyers step in near support while sellers dominate near resistance.

The bulls are attempting to initiate a relief rally, with the next key test coming at the downtrend line. A sharp rejection from this level would reinforce bearish sentiment, potentially leading to a breakdown below $2,500. If that happens, ETH could slide further to $2,400 and eventually retest the major support at $2,111. On the flip side, a breakout and close above the downtrend line would signal that the correction is over, opening the door for a rally toward $3,450 and eventually $3,750.

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