Bitcoin Bulls Defend $90K, Uptrend Intact Despite Bearish Sentiment

Bitcoin's uptrend remains intact, according to a closely followed analyst, despite growing bearish sentiment. Pseudonymous analyst Cheds, with 49,600 YouTube subscribers, believes that as long as Bitcoin (BTC) respects its immediate support at $90,000, the uptrend will continue.

Cheds emphasizes that Bitcoin's price above a rising 200-week moving average (MA) indicates an uptrend, and price holding support reinforces this trend. He advises investors to remain bullish as long as the $90,000 zone holds, warning that a failure to do so could lead to a drop to the low $70,000s.

Zooming out, the trader highlights that Bitcoin has maintained its gains after breaking out of the consolidation range between $50,000 and $74,000. According to the analyst, Bitcoin's ability to hold above $90,000 demonstrates its strength, as it could technically break down and retest $74,000 as support.

Cheds also notes that BTC bulls have consistently shown their readiness to defend the $90,000 price level. He argues that the orderly bullish consolidation at this level, illustrated on the three-day chart, makes it difficult to understand why some investors are bearish, especially before support breaks. The analyst advises investors to go with the trend and remain bullish.

At the time of writing, Bitcoin is worth $96,312.