The price of Bitcoin (BTC) 
$91,081 continues to hover around $90,000 as the opening of the U.S. market is less than two hours away. Yesterday, we explained why cryptocurrencies fell within an hour after the U.S. market opened. Today, we will examine a potential bottom scenario by looking at different metrics and details.
Bitcoin’s Potential Bottom Target
Yesterday, there was a $60 million outflow from BTC ETF products, and December has overall seen net outflows. The sell-off on December 4th and its continuation as of yesterday indicate that investors prefer to remain on the sidelines as the Federal Reserve’s interest rate decision approaches.
Furthermore, due to the bear flag it has formed on the daily chart, Bitcoin (BTC) is targeting $67,380. This technical formation began to form during the drop from $107,000 on November 11th and suggests that we could see a further 25% decline. Additionally, as Roman Trading’s MACD and RSI move out of the oversold area during the ongoing consolidation process, they believe that there is room for a bigger drop.
Aaron Dishner’s Bitcoin Forecast
Cryptocurrency analyst Aaron Dishner suggests that there might be a test of $98,000 before the ongoing downward trend leads to painful results. Many analysts anticipate this before a deeper bottom, with some, like the popular bear Roman Trading, predicting that this false peak could extend to $104,000.
Dishner shared the following by including the graph below;
“Bitcoin nearly tested the first resistance zone level yesterday. It continues to remain within the bear flag and is likely to revisit support around $86,000-$87,000. If Bitcoin rises, it will face resistance at $92,216, followed by resistance below the upper bear flag line around $98,000.
Volume remains too weak to reach higher peaks.
A sideways trend is expected over the next few weeks.”
On the other hand, while CVD, which monitors the volume difference between buying and selling, has seen net spot purchases recovering, they remain in the negative territory, signaling warnings. This reading suggests that the continuation of aggressive selling confirms that the downward trend remains dominant in the short term. All these indicate that December might be unfavorable for cryptocurrencies, although the tone of Fed Chair Powell’s statements tomorrow evening could be decisive.
