Bitcoin price remained under pressure below the 50-day moving average as the fear and greed index held at the fear zone.
Bitcoin (BTC) was trading at $84,000 on Monday, just below the key resistance level at $85,000. This price is about 13.4% above its lowest level this month.
The coin’s movement followed Donald Trump’s decision to exempt certain items like smartphones and other electronic goods from recently announced tariffs. While equities initially surged following the news, much of those gains were later erased. The Nasdaq 100 index, for example, was up by only 90 points after earlier rising more than 500 points.
One key reason behind Bitcoin’s underperformance is that investor sentiment remains cautious. Many traders continue to stay on the sidelines. Spot Bitcoin ETFs recorded outflows of over $713 million last week, following losses of $172 million the previous week.
The crypto fear and greed index tracked by CoinMarketCap remains in the “fear” zone at 27, while the CNN Money index is sitting even lower in the “extreme fear” zone at 21. Historically, these levels indicate risk-averse behavior, with fewer investors willing to take on exposure during uncertain conditions.
Meanwhile, futures open interest has moved sideways in recent days. According to CoinGlass, open interest remains stuck at $56 billion, reflecting ongoing weakness in futures demand and trader conviction.
Bitcoin price technical analysis
The daily chart shows Bitcoin remains under pressure. Price action has stalled around $84,400, a key level just beneath the 50-day and 200-day Exponential Moving Averages. A potential crossover of these two indicators could form a death cross, a bearish technical signal suggesting further downside.
Bitcoin also continues to trade below a descending trendline that connects the major swing highs since January 20. It’s currently near the lower boundary of its trading range, as defined by the Murrey Math Lines.
Given these signals, there’s a risk that BTC could resume its downtrend, with sellers potentially targeting the recent double-bottom support at $76,800. However, this bearish outlook would be invalidated if Bitcoin breaks above the descending trendline and both moving averages. A sustained move above these resistance points would also negate the death cross setup and point to a possible bullish reversal.
