Bitcoin Price Traders Eye $90K Break for Potential Recovery

The Bitcoin price has slid by a fraction of a percentage in the past 24 hours to trade at $88,300 as of 11p.m.  on a 20% surge in the daily trading volume to

This is as CFTC Chair Michael Selig appoints Amir Zaidi as his chief of staff, marking an early leadership move as the agency prepares for new regulatory challenges. Zaidi previously worked at the CFTC from 2010 to 2019, holding senior roles including head of the Division of Market Oversight, where he managed major derivatives policies.

He was instrumental in introducing CFTC-regulated Bitcoin futures during Donald Trump’s first term, an important step in bringing crypto-linked products under federal oversight. The appointment comes as Congress considers digital asset legislation that could expand the CFTC’s authority.

Selig highlighted Zaidi’s experience as critical for guiding the agency through these potential changes and helping it adapt to new responsibilities.

The Division of Market Oversight, previously led by Zaidi, supervises futures, options, and swaps markets, monitors compliance, and oversees exchanges and clearing agencies. Zaidi has a Juris Doctor, earned cum laude from the University of Maryland School of Law, and a bachelor’s degree in business administration, summa cum laude, from Boston University.

As chief of staff, Zaidi will manage internal coordination, policy planning, and operational oversight. He aims to bring stability to the commission as derivatives and crypto markets evolve. Supporting the chairman’s agenda and ensuring smooth regulatory operations will be central to his role.

Zaidi’s return underscores the importance of experience and institutional knowledge at the CFTC, particularly as it prepares for an expanded mandate over digital assets. His appointment positions the agency to maintain strong oversight and adapt effectively to changes in both traditional and crypto markets.

Bitcoin Sideways Action Signals Market Pause After October Drop

Bitcoin is currently trading around $87,632, showing sideways movement after its drop from earlier highs. On the chart, there are three notable resistance levels: R1 at approximately $90,000, R2 near $110,000, and a major resistance level between $125,000 and $130,000.

At this stage, R1 is the most immediate and critical level to monitor. A successful break above this could open the path toward R2; however, the distance from the current price suggests any upward momentum may be gradual.

The recent narrow trading range indicates a balance between buyers and sellers. This sideways action suggests that the market is pausing after the sharp decline in October, with neither bulls nor bears holding clear control. Investors appear to be waiting for a decisive signal before committing to significant positions.

The RSI (Relative Strength Index) is currently at 44.90, just below the neutral 50 mark. This reflects mild selling pressure without indicating an oversold condition. A rise above 50 would suggest increasing bullish momentum, whereas a fall below 40 could indicate stronger selling pressure. Traders should pay attention to how Bitcoin reacts around the $90,000 R1 level, as it may determine the near-term trend.

Technically, this consolidation phase could serve as a foundation for a rebound or signal a continuation of the downtrend if key support levels fail. If Bitcoin struggles to surpass $90,000, the next supports lie around $85,000 and $80,000. Price action near these levels will be crucial in gauging whether the market finds stability or faces further downside pressure.

Overall, Bitcoin remains in a cautious phase, with immediate resistance at $90,000 and RSI pointing to mild bearish sentiment. Traders are closely watching the R1 zone to assess potential moves.

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