Bitcoin slipped below $90k for the first time in a while. Its recent dip follows a series of declines over the last two weeks. The previous week was one of its most bearish as it registered losses exceeding 10%, dropping from $104k to $92k. The bulls have failed to stage any significant buyback since the downtrend started last Monday. Trading activity during the previous intraday session suggests that the bearish trend remains in place. It retraced from $96k to a low of $91k. In the early hours of Tuesday UTC, the asset retraced lower, breaking below $90k. It rebounded at $89,100, but investors fear further retracement. A look at the derivatives market bears a stark reminder of the bulls being the top losers. In the last 24 hours, traders lost over $1 billion, with long positions making up over 70%.  Nonetheless, there are other good tidings amid the selling pressure. They may also hold the key to how prices will play out in the coming days. CME Gap Filled A previous analysis noted a CME gap between $91k and $92k. The apex coin filled the gap on Monday, which may be perceived as good news for the asset. The outlook predicted the possibility of recovery after filling the gap. However, BTC slipped even lower on Tuesday, hitting levels not seen since April. It remains to be seen whether a stronger rebound will occur in the coming hours. Nonetheless, on the bright side, there are no CME gaps between $80k and $90k. This reduces the chances of further decline. Based on the CME, Bitcoin stands a higher chance of surging in the coming days. However, the gaps alone do not dictate the end of the downtrend.  The exchange-traded funds tied to the apex coin indicate that a decline is coming to an end. Recall that one of the defining moments during the previous week was on Thursday, when the investment funds recorded their second-largest outflow. Prices reacted significantly bearish, losing over 3% and almost 4% on Friday. Comparing previous ETF selloffs, one analysis noted that price actions between the two days under consideration mimic those seen when ETFs saw an outflow of over $1 billion in February.  The article added that what followed the second month’s selloff was a period of price consolidation. Prices surged afterward, and the apex coin erased almost all of its losses. In conclusion, it stated that the asset will see notable price surges this week. The prediction is likely as the outflows from ETFs slow. On Monday, the funds experienced an outflow of over $254 million. The latest figure is lower than the $400 million reported on Friday and the $800 million reported on Thursday. Slowing outflow may mean selling exhaustion from this sector, and buying may resume soon.  Bitcoin Still at Risk  While the CME and ETFs suggest that the downtrend will end soon. It is worth noting that the cost basis for investors who held over the last 6 to 12 months lies between $90k and $70k. There is a slim chance the selling may continue until the apex coin tests the mark. Price action in November 2024 reveals that the asset must rebound or risk a decline to $86k and lower if the bulls fail to defend the $88k support. The post Bitcoin Slips Below $90k for the First Time Since April. What’s Next? appeared first on CoinTab News.Bitcoin slipped below $90k for the first time in a while. Its recent dip follows a series of declines over the last two weeks. The previous week was one of its most bearish as it registered losses exceeding 10%, dropping from $104k to $92k. The bulls have failed to stage any significant buyback since the downtrend started last Monday. Trading activity during the previous intraday session suggests that the bearish trend remains in place. It retraced from $96k to a low of $91k. In the early hours of Tuesday UTC, the asset retraced lower, breaking below $90k. It rebounded at $89,100, but investors fear further retracement. A look at the derivatives market bears a stark reminder of the bulls being the top losers. In the last 24 hours, traders lost over $1 billion, with long positions making up over 70%.  Nonetheless, there are other good tidings amid the selling pressure. They may also hold the key to how prices will play out in the coming days. CME Gap Filled A previous analysis noted a CME gap between $91k and $92k. The apex coin filled the gap on Monday, which may be perceived as good news for the asset. The outlook predicted the possibility of recovery after filling the gap. However, BTC slipped even lower on Tuesday, hitting levels not seen since April. It remains to be seen whether a stronger rebound will occur in the coming hours. Nonetheless, on the bright side, there are no CME gaps between $80k and $90k. This reduces the chances of further decline. Based on the CME, Bitcoin stands a higher chance of surging in the coming days. However, the gaps alone do not dictate the end of the downtrend.  The exchange-traded funds tied to the apex coin indicate that a decline is coming to an end. Recall that one of the defining moments during the previous week was on Thursday, when the investment funds recorded their second-largest outflow. Prices reacted significantly bearish, losing over 3% and almost 4% on Friday. Comparing previous ETF selloffs, one analysis noted that price actions between the two days under consideration mimic those seen when ETFs saw an outflow of over $1 billion in February.  The article added that what followed the second month’s selloff was a period of price consolidation. Prices surged afterward, and the apex coin erased almost all of its losses. In conclusion, it stated that the asset will see notable price surges this week. The prediction is likely as the outflows from ETFs slow. On Monday, the funds experienced an outflow of over $254 million. The latest figure is lower than the $400 million reported on Friday and the $800 million reported on Thursday. Slowing outflow may mean selling exhaustion from this sector, and buying may resume soon.  Bitcoin Still at Risk  While the CME and ETFs suggest that the downtrend will end soon. It is worth noting that the cost basis for investors who held over the last 6 to 12 months lies between $90k and $70k. There is a slim chance the selling may continue until the apex coin tests the mark. Price action in November 2024 reveals that the asset must rebound or risk a decline to $86k and lower if the bulls fail to defend the $88k support. The post Bitcoin Slips Below $90k for the First Time Since April. What’s Next? appeared first on CoinTab News.