Bitcoin: The Comedy of Errors at $87,000! 🤑💔

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Ah, Bitcoin, that capricious sprite of the financial world, now frolicking near the dizzying heights of $87,000 after a brief, audacious dalliance with the illustrious peaks of $90,000! 🎢 Alas, this ecstatic leap was but a fleeting moment, and our dear cryptocurrency has returned to its previous haunts, as if it were a wayward traveler lost in a cold winter night.

In the past week, our beloved BTC has suffered a slight decline of 4%, while the bustling marketplace has churned through a staggering trading volume of $50 billion! A veritable feast for the senses, one might say. Yet, several market indicators are whispering tales of a potential change in fortune, akin to the ghostly murmurs of old wives’ tales.

The Long-Term Trendline: A Stubborn Specter

Since the fateful year of 2018, Bitcoin has danced precariously along a diagonal resistance line, much like a clumsy ballerina on a tightrope. This trendline, heralded by the sages of Bitcoinsensus, has become infamous for marking the tops of previous cycles. Each time our brave Bitcoin has approached this threshold, it has met with a swift and merciless correction-as if a stern schoolmaster wielding a ruler had struck it across the knuckles!

The initial rejection back in 2018 ushered in an 83% plummet, followed by further declines of 56%, 77%, and 34% in subsequent years. And now, here we are, facing the fifth rejection, with Bitcoin already having sunk over 34% from its recent lofty perch above $126,000. Oh, the humanity!

But wait-there’s more! A potential death cross is looming ominously on the 3-day chart, as the short-term moving average prepares to clash with its elder counterpart below. The asset now finds itself beneath both lines, setting the stage for further misadventures if this cross indeed materializes. What dramatic twists and turns await us!

Our dear trader Butcher offered his sage commentary,

“If $BTC doesn’t pump hard from here, the 3D death cross will send this shit right to 50K with speed.”

A grim prognosis, indeed, for those who dare to tread these treacherous waters! This sort of cross often invites a torrent of selling, should no miraculous reversal occur in the nick of time.

Eyes Peeled on $88K and $80K

Analyst Michaël van de Poppe, the oracle of our times, has declared that Bitcoin is holding steady at $87,000, with three key levels to monitor: $87,700, $83,800, and $80,500. These are likened to potential bounce zones, much like a trampoline waiting for an unsuspecting child. A rise above $88,000 could lift the spirits of many, as Van de Poppe whimsically noted,

“Break $88K and we’re back in the good music land.”

Moreover, Van de Poppe has alluded to the impending decision from the Bank of Japan. Market participants are poised for some reaction, yet he wryly observed, “When everybody expects one thing, usually the opposite is the actual outcome,” hinting at the delightful unpredictability of our dear markets.

As reported by CryptoPotato, the RSI for Bitcoin is nearing historical levels that have previously heralded robust rebounds. The last five occasions where it dipped below 30 witnessed BTC’s triumphant ascent. However, caution reigns supreme, as structural indicators, including the Bull-Bear Index, point towards a troubling weakness lurking in the shadows.

Daan Crypto has chimed in, noting that Bitcoin now lingers at the same levels it occupied six months prior. “Liquidity taken on the way up and on the way down,” he remarked, pointing towards $95,000 as the nearest oasis of liquidity in this vast desert of volatility.

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2025-12-18 14:53