The price of Bitcoin seems to have cooled after showing great strength to recover the $90,000 level over the past week. According to the latest price action data, this price jump will only be temporary, as the leading cryptocurrency is seemingly still stuck in a bearish structure.
BTC price momentum continues to slow
On November 29, market analyst Axel Adler Jr. presented shared a new view on the price of BTC on the social media platform X. The crypto expert revealed that the market leader may enter a zone with “elevated risk of a prolonged correction.”
According to Adler Jr. Bitcoin price momentum has witnessed a cooling 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 reading: Bitcoin Investors Not ‘Remotely Bullish Enough’ – Bitwise Researcher
Data from CryptoQuant shows that the monthly Bitcoin RSI has fallen from overheated levels down to 60% since March 2024, a period characterized by significant price increases. From a historical perspective, this decline could create further problems for the price of BTC.
Source: @AxelAdlerJr on X
As Adler Jr. emphasized on X, the flagship cryptocurrency took between 200 to 300 days to start a new bullish wave after an RSI decline of that magnitude in the previous two cycles. Using this historical pattern, the Bitcoin price may not reach its next bottom until between June and October 2026.
Bitcoin Whales Show Declining Conviction: Alphractal CEO
From another chain’s point of view, Alphractal CEO and founder Joao Wedson also has a similar one not so optimistic attitude on the price of Bitcoin in the short term. This evaluation is based on the positions of the largest investors (whales) compared to private investors.
According to Wedson, BTC whales are either closing their long positions or slightly increasing their BTC shorts compared to retail investors. Typically, this trend leads to a period of sideways price movement – seen between March and April 2025.
Source: @joao_wedson on X
Wedson also noted that some bears probably want to push the BTC price towards the $80,000 level before going on an accumulation run. In the end, the combination of the falling momentum and the whales’ lack of conviction paints one somewhat pessimistic picture for Bitcoin.
At the time of writing, the price of BTC is around $90,979, reflecting no significant changes over the past 24 hours. Meanwhile, the market leader is up more than 7% on the weekly time frame, 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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