Key Takeaways
- Bitcoin rose about 1% over the past 24 hours but remains trading below $90,000.
- This modest gain came despite President Trump’s Davos remarks on Wednesday, where he announced an agreement that removed the need for new tariffs on European countries related to the U.S. acquisition of Greenland.
Bitcoin stays under $90,000 despite improved risk sentiment
Bitcoin is trading higher after a roughly 1% uptick in the last 24 hours, ending a six-day losing streak. The small rebound comes amid a broadly improved risk appetite following developments at the World Economic Forum in Davos.
On Wednesday, President Trump said he had reached an agreement with NATO on a framework for a prospective Greenland deal, removing the perceived need to impose new tariffs on European countries. He also indicated hope that a cryptocurrency bill could be signed into law soon, as Congress continues to work on legislation to structure the crypto market—an effort stalled last week when a Senate banking committee delayed action.
Despite the positive headlines, Bitcoin has yet to break back above the key $90,000 threshold. Institutional demand also appears muted: SoSoValue data show that spot Bitcoin ETFs recorded outflows of $708.71 million on Wednesday, marking the third consecutive day of redemptions and the largest single-day outflow since November 20.
BTC eyes $93,000 if $87,000 support holds
The BTC/USD 4-hour chart remains biased to the downside after Bitcoin lost roughly 7% over the past week. The price is trading below the 50-period exponential moving average (EMA) at $92,044 and has slipped beneath the psychological $90,000 mark. Current trading sits near $89,900 after a re-test earlier this week of the midpoint of a horizontal parallel channel at $87,787.
Should Bitcoin sustain its current recovery, it could extend upward toward the 50-period EMA around $92,044 and potentially challenge $93,000. Technical momentum on the 4-hour timeframe shows the Relative Strength Index (RSI) around 40 and pointing higher toward the neutral 50 level, signaling waning bearish pressure. For bulls to decisively push prices higher, the RSI must climb and remain above the neutral 50 threshold.
The Moving Average Convergence Divergence (MACD) indicator produced a bearish crossover on Tuesday, signaling continued downside pressure in the near term. Conversely, if Bitcoin can close the daily candle above the nearby resistance levels, it would improve the outlook for a sustained recovery.
On the downside, a daily close below the $87,787 support could open the path to the next support zone near $85,569, extending the recent pullback. Traders will be watching these levels closely as they gauge whether the recent buying momentum can attract renewed institutional interest and drive Bitcoin back above the $90,000 mark.