Key takeaways
- Bitcoin rose about 1% over the past 24 hours but remains below $90,000.
- The modest gain follows improved market sentiment after President Trump’s remarks in Davos, which removed the immediate threat of new tariffs on European countries related to Greenland.
Bitcoin remains below $90k despite improved risk sentiment
Bitcoin turned positive after a 1% intraday gain, pausing a six-day streak of losses. The slight recovery reflects a broader lift in risk appetite after comments by US President Trump at the World Economic Forum in Davos.
At Davos, Trump said he had reached an understanding with NATO on a framework for future arrangements concerning Greenland, removing the immediate prospect of new tariffs on European nations. He also indicated he hopes to sign forthcoming crypto legislation, as Congress continues work on a market-structure bill that was delayed last week in the Senate Banking Committee.
Despite the more constructive tone, Bitcoin has not yet reclaimed the $90,000 level. Institutional interest also appears to be cooling: data from SoSoValue recorded $708.71 million in outflows from spot Bitcoin ETFs on Wednesday. That marked the third consecutive day of net withdrawals and was the largest single-day outflow since November 20.
BTC eyes $93k if the $87k support holds
On the BTC/USD 4-hour chart the technical picture remains tilted to the downside after Bitcoin lost roughly 7% over the last week. Price action sits below the 50-day Exponential Moving Average (EMA) near $92,044 and under the $90,000 psychological level. At the time of writing, Bitcoin trades around $89,900 after a retest earlier in the week of the midpoint of a horizontal parallel channel at $87,787.
Should the current recovery continue, Bitcoin could attempt to push back up toward the 50-day EMA near $92,044 and potentially target $93,000 if momentum sustains. The 4-hour Relative Strength Index (RSI) sits at about 40 and is trending upward toward the neutral 50 line, signaling that bearish momentum is easing. For a meaningful bullish shift, the RSI will need to climb and hold above 50.
Momentum indicators remain mixed. The Moving Average Convergence Divergence (MACD) registered a bearish crossover earlier this week, reflecting downward pressure. If Bitcoin closes a daily candle below the $87,787 support level, downside risk would likely extend toward the next support around $85,569. Conversely, holding above $87,787 would improve the odds of a rally back toward the mid-$90,000s.