Bitcoin News Today: Bitcoin's Bull Case Weakens as Technical and Macro Crossheadwinds Collide
- Bitcoin faces bearish technical signals (MACD/RSI divergence) despite $124k high, indicating weakening momentum and potential correction near $90k-$95k liquidity clusters. - Hash rate data shows rare bullish clustering and miner stabilization, suggesting possible recovery if hashrate momentum continues. - Fed rate cuts and declining futures open interest (20% drop) amplify macro risks, with ETF outflows compounding bearish pressure. - Traders hedge via $14.6B BTC puts near $111k gamma pressure zone, refl
Bitcoin’s technical indicators currently present a mixed but largely bearish outlook for the near term, according to recent market analyses. Analysts and traders are closely monitoring divergences in key metrics such as the MACD and RSI, which have historically served as early warning signs of trend exhaustion. In late August, Bitcoin (BTC) recorded a new high of $124,000 but failed to sustain this momentum, with the MACD forming lower highs—a classic sign of weakening bullish momentum. The RSI also showed bearish divergence, forming lower highs despite Bitcoin’s rally, signaling that retail and institutional buying power may be waning [3].
At the same time, on-chain data highlights growing retail participation at elevated price levels, a pattern that often precedes a correction. Doctor Profit, a noted market expert, has warned that this could lead to a shakeout as Bitcoin approaches the $90,000 to $95,000 liquidity cluster, where major liquidation points reside. The expert also noted that the previous surge to $124,000 was largely driven by futures activity rather than spot market demand, a red flag for traders looking to assess true buying pressure [1].
Contrasting this bearish sentiment, some analysts are pointing to bullish signals from Bitcoin’s hash rate data. Crypto Rover reported that Bitcoin’s Hash Ribbons—used to gauge miner capitulation and recovery—have generated three closely spaced bullish signals within a short timeframe. This rare clustering suggests a potential for continued BTC strength and price recovery, particularly if hashrate momentum persists. The hash rate, which stood at approximately 600 EH/s in late August, has shown signs of stabilization, aligning with the idea that miner stress may be reaching a peak [2].
However, macroeconomic factors remain a pressing concern. The Federal Reserve’s anticipated rate cuts in September are expected to introduce volatility into the broader market, with Bitcoin likely to experience similar correctionary pressures. Doctor Profit highlighted that the first major rate cut often triggers uncertainty and divergent investor behavior, particularly in asset classes like cryptocurrencies, where liquidity can shift rapidly [1]. Additionally, the liquidity drain from the Fed’s tightening cycle has already led to a 20% decline in perpetual futures open interest and outflows from major Bitcoin ETFs, compounding the bearish pressure [3].
For traders, the combination of bearish technicals and macroeconomic risks has led to increased hedging activity. Options market positioning indicates a defensive stance, with over $14.6 billion in BTC puts concentrated in the $108,000–$112,000 range. Gamma pressure is particularly intense near the $111,000 level, where a self-reinforcing sell-off could be triggered. Experts recommend reducing long positions and hedging via puts or short-term derivatives to mitigate downside exposure [3].
In summary, the near-term outlook for Bitcoin is clouded by bearish technical indicators and macroeconomic uncertainty, though some technical models and hashrate metrics suggest potential for a recovery. The upcoming Fed meeting and broader market sentiment will likely determine whether the current correction deepens or gives way to a new bullish phase.
Source:
[3] Bitcoin's Weakening Momentum and the Looming Correction (https://www.bitget.com/news/detail/12560604936057)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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