Bitcoin price today trades near $86,460 after a sharp breakdown that dragged the market through a key intraday trendline. The move follows a heavy spike in spot outflows, signaling that sellers are accelerating distribution as price approaches the critical $84,000 to $82,000 demand zone.
Bitcoin price today trades near $86,460 after a sharp breakdown that dragged the market through a key intraday trendline. The move follows a heavy spike in spot outflows, signaling that sellers are accelerating distribution as price approaches the critical $84,000 to $82,000 demand zone.
Coinglass data shows $358.26 million in net outflows on December 1. This marks one of the largest exit days in weeks and confirms that liquidity continues to leave the market rather than enter it.
The pattern has been consistent across November. Deep red prints dominate the flow chart, showing that exchange participants are moving BTC out of long-term positions and adding selling pressure. When outflows cluster for several sessions, price typically follows with sustained weakness.
Bitcoin trades below the 20, 50, 100, and 200 day EMAs, which sit between $92,100 and $104,897. This entire range has turned into a multi-layered resistance wall. Each time price attempts to reclaim the lower EMAs, it is rejected sharply, confirming that sellers are defending these levels with conviction.
A descending trendline drawn from the October high continues to cap recovery attempts. Bitcoin tested this line earlier this week near $98,000 and failed immediately, producing a long wick and renewed selling.
Supertrend sits at $98,103, reinforcing how far price remains below trend confirmation levels. Unless BTC reclaims this band, buyers remain on the defensive.
The broader structure shows a consistent pattern of lower highs and lower lows. Until Bitcoin can break this pattern, rallies are likely to be treated as short-term reactions rather than true shifts in trend.
On the 1-hour chart, Bitcoin broke below the rising trendline that has supported price since November 22. The break triggered a fast drop from $92,000 to $85,500, leaving a clean rejection at the underside of the trendline.
Parabolic SAR remains firmly above price, confirming a continuation of the move lower. RSI sits near 31, showing mild recovery from oversold levels but offering no evidence of trend reversal.
Buyers attempted an initial rebound from the $85,000 region, yet the structure remains fragile. Any attempt to reclaim $87,984 would be the first sign of immediate stabilization, but a deeper recovery requires significantly stronger volume than seen in the past 24 hours.
A new interview clip of Elon Musk circulated widely, where he said “Energy is the true currency, that’s why I say Bitcoin is based on energy.”
The statement drove discussion but did not impact price behavior. Flows and technicals continue to shape short-term direction, and sentiment from public commentary has not offset the selling pressure.
$84,000 to $82,000
Bitcoin must reclaim $92,100 to neutralize the downtrend. Falling below $82,000 turns the move into a broader correction with lower targets in play.
