Bitcoin price appears to have cooled after showing great strength in recovering the $90,000 level last week. According to the latest price action data, this price rise is only temporary as the top cryptocurrency still appears to be locked in a bearish structure.
BTC price momentum continues to slow.
On November 29, market analyst Axel Adler Jr. shared a new outlook on the BTC price on social media platform X. The cryptocurrency expert said the market leader could enter territory where “long-term corrections lead to heightened risk.”
According to Adler Jr., Bitcoin’s price momentum has been witnessing a cooling period since March 2024. This observation is based on monthly changes in the Relative Strength Index, an indicator that measures the speed and magnitude at which asset prices change.
Related Read: Bitcoin Investors Are Not ‘Remotely Bullish’ — Bitwise Researcher
According to data from CryptoQuant, the monthly Bitcoin RSI has fallen 60% from overheated levels since March 2024, a period of significant price surges. From a historical perspective, this decline could spell bigger problems for the BTC price.
Source: @AxelAdlerJr on XAs Adler Jr. highlighted Using these historical patterns, Bitcoin price may not reach its next low until sometime between June and October 2026.
Bitcoin Whales Show Declining Conviction: Alphractal CEO
From another on-chain perspective, Alphractal CEO and founder Joao Wedson has a similar stance, not being very optimistic about the Bitcoin price in the near term. This evaluation was made based on the position of the largest investor (whale) compared to general investors.
According to Wedson, BTC whales are closing their long positions or slightly increasing their BTC short positions compared to retail investors. Typically, this trend leads to a period of sideways price movement, as seen between March and April 2025.
Source: @joao_wedson on X
Wedson also pointed out that some bears will try to push the BTC price to the $80,000 level before a surge occurs. Ultimately, the combination of the downtrend and whales’ lack of confidence paints a rather pessimistic picture for Bitcoin.
As of this writing, the BTC price is around $90,979, with no significant changes over the past 24 hours. Meanwhile, the market leader is up more than 7% for the week, according to data from CoinGecko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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