Bitcoin price appears to be subduing after showing great strength to recover the $90,000 level over the past week. This price surge is only temporary, as the leading cryptocurrency still appears to be stuck in a bearish structure, according to the latest price trend data.
BTC price momentum continues to slow
On November 29th, market analyst Axel Adler Jr. shared a new outlook on the BTC price on social media platform X. Cryptocurrency experts have revealed that the market leader may be entering a zone of “increased risk of a prolonged correction.”
According to Adler Jr., Bitcoin price momentum has cooled since March 2024. This observation is based on changes in the monthly relative strength index, an indicator that measures the speed and magnitude at which an asset's price changes.
Related article: Bitcoin investors are “not very bullish” — Bitwise Researcher
According to data from CryptoQuant, the monthly Bitcoin RSI has fallen by 60% from overheating levels since March 2024, a period that saw significant price increases. From a historical perspective, this decline could cause further problems for BTC price.
Source: @AxelAdlerJr on XAs Adler Jr. highlighted in Using this historical pattern, Bitcoin price may not reach its next bottom until June to October 2026.
Bitcoin Whale Shows Conviction Reduction: Alpha Lactal CEO
Separately from an on-chain perspective, Alpharactal CEO and founder Joanne Wesson has a similarly less optimistic stance on Bitcoin prices in the near term. This valuation is based on the position of the largest investors (whales) compared to retail investors.
According to Wesson, BTC whales are exiting long positions or slightly increasing their BTC short positions compared to retail investors. Typically, this trend results in a period of sideways price movement, as seen from March to April 2025.
Source: @joao_wedson on X
Wesson also noted that some bears are probably trying to push Bitcoin's price towards the $80,000 level before they start accumulating. At the end of the day, the decline in momentum and whales' lack of belief combine to paint a somewhat bleak picture for Bitcoin.
As of this writing, the price of BTC is around $90,979, with no significant changes in the past 24 hours. Meanwhile, the market leader is up more than 7% on the week, according to CoinGecko data.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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