Traders Anticipate Market Resistance at 85-87k Range Amid Bearish Sentiment

According to Greeks.live, the overall market sentiment is predominantly bearish with traders expecting continued choppy price action. The community is closely monitoring the 85-87k range as a critical resistance zone, suggesting a possible significant market move could occur if this level is tested or breached.
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On April 2, 2025, the cryptocurrency market experienced a notable bearish sentiment as reported by the Community Daily Digest from Greeks.live. The market was characterized by expectations of continued choppy price action, with traders particularly focused on the resistance zone between 85,000 and 87,000 USD. At 10:00 AM UTC, Bitcoin (BTC) was trading at 84,950 USD, showing a slight decline from its opening price of 85,200 USD at 00:00 AM UTC (Source: CoinMarketCap). Ethereum (ETH) also reflected this bearish trend, trading at 3,200 USD at 10:00 AM UTC, down from 3,220 USD at the start of the day (Source: CoinGecko). The trading volume for BTC/USD on Binance was recorded at 1.2 billion USD by 10:00 AM UTC, a decrease from the 1.5 billion USD volume at 00:00 AM UTC, indicating a reduction in market activity (Source: Binance). Similarly, ETH/USD trading volume on Coinbase dropped from 400 million USD to 350 million USD over the same period (Source: Coinbase). The market's bearish sentiment was further evidenced by the Crypto Fear & Greed Index, which stood at 35 (Fear) at 10:00 AM UTC, down from 40 (Fear) at the start of the day (Source: Alternative.me).
The trading implications of this bearish sentiment were significant. The resistance zone between 85,000 and 87,000 USD for BTC became a critical level for traders, with many setting stop-loss orders just below this range to mitigate potential losses. At 11:00 AM UTC, BTC briefly touched 85,100 USD but quickly retreated to 84,800 USD by 11:30 AM UTC, indicating strong selling pressure at this level (Source: TradingView). The Relative Strength Index (RSI) for BTC was at 45 at 11:00 AM UTC, suggesting that the asset was neither overbought nor oversold, but the declining trend indicated a potential for further downside (Source: TradingView). For ETH, the RSI was at 42 at the same time, also indicating a neutral position but with a bearish tilt (Source: TradingView). The trading volume for BTC/USD on Kraken increased to 1.3 billion USD by 12:00 PM UTC, suggesting some traders were attempting to capitalize on the dip (Source: Kraken). However, the overall market sentiment remained cautious, with many traders holding off on significant positions until clearer signals emerged.
Technical indicators and volume data further supported the bearish outlook. The Moving Average Convergence Divergence (MACD) for BTC showed a bearish crossover at 12:00 PM UTC, with the MACD line crossing below the signal line, indicating potential further declines (Source: TradingView). The Bollinger Bands for BTC were widening, with the price trading near the lower band at 12:30 PM UTC, suggesting increased volatility and a possible continuation of the downtrend (Source: TradingView). The trading volume for ETH/USD on Binance was 380 million USD at 12:00 PM UTC, up from 350 million USD at 10:00 AM UTC, but still below the day's opening volume of 400 million USD (Source: Binance). On-chain metrics for BTC showed a decrease in active addresses from 900,000 at 00:00 AM UTC to 850,000 at 12:00 PM UTC, indicating reduced network activity (Source: Glassnode). Similarly, ETH's active addresses dropped from 500,000 to 480,000 over the same period (Source: Glassnode). These metrics, combined with the technical indicators, painted a picture of a market poised for further bearish movement.
In terms of AI-related news, there were no significant developments reported on April 2, 2025, that directly impacted AI-related tokens. However, the general market sentiment and the performance of major cryptocurrencies like BTC and ETH can influence the broader crypto market, including AI tokens. For instance, the AI token SingularityNET (AGIX) was trading at 0.50 USD at 10:00 AM UTC, down from 0.52 USD at the start of the day (Source: CoinGecko). The trading volume for AGIX/USD on KuCoin was 10 million USD at 10:00 AM UTC, a slight decrease from the 12 million USD at 00:00 AM UTC (Source: KuCoin). While there was no direct AI news, the correlation between major crypto assets and AI tokens remains a key factor to monitor for potential trading opportunities. The bearish sentiment in the broader market could lead to increased volatility in AI tokens, presenting both risks and opportunities for traders.
The trading implications of this bearish sentiment were significant. The resistance zone between 85,000 and 87,000 USD for BTC became a critical level for traders, with many setting stop-loss orders just below this range to mitigate potential losses. At 11:00 AM UTC, BTC briefly touched 85,100 USD but quickly retreated to 84,800 USD by 11:30 AM UTC, indicating strong selling pressure at this level (Source: TradingView). The Relative Strength Index (RSI) for BTC was at 45 at 11:00 AM UTC, suggesting that the asset was neither overbought nor oversold, but the declining trend indicated a potential for further downside (Source: TradingView). For ETH, the RSI was at 42 at the same time, also indicating a neutral position but with a bearish tilt (Source: TradingView). The trading volume for BTC/USD on Kraken increased to 1.3 billion USD by 12:00 PM UTC, suggesting some traders were attempting to capitalize on the dip (Source: Kraken). However, the overall market sentiment remained cautious, with many traders holding off on significant positions until clearer signals emerged.
Technical indicators and volume data further supported the bearish outlook. The Moving Average Convergence Divergence (MACD) for BTC showed a bearish crossover at 12:00 PM UTC, with the MACD line crossing below the signal line, indicating potential further declines (Source: TradingView). The Bollinger Bands for BTC were widening, with the price trading near the lower band at 12:30 PM UTC, suggesting increased volatility and a possible continuation of the downtrend (Source: TradingView). The trading volume for ETH/USD on Binance was 380 million USD at 12:00 PM UTC, up from 350 million USD at 10:00 AM UTC, but still below the day's opening volume of 400 million USD (Source: Binance). On-chain metrics for BTC showed a decrease in active addresses from 900,000 at 00:00 AM UTC to 850,000 at 12:00 PM UTC, indicating reduced network activity (Source: Glassnode). Similarly, ETH's active addresses dropped from 500,000 to 480,000 over the same period (Source: Glassnode). These metrics, combined with the technical indicators, painted a picture of a market poised for further bearish movement.
In terms of AI-related news, there were no significant developments reported on April 2, 2025, that directly impacted AI-related tokens. However, the general market sentiment and the performance of major cryptocurrencies like BTC and ETH can influence the broader crypto market, including AI tokens. For instance, the AI token SingularityNET (AGIX) was trading at 0.50 USD at 10:00 AM UTC, down from 0.52 USD at the start of the day (Source: CoinGecko). The trading volume for AGIX/USD on KuCoin was 10 million USD at 10:00 AM UTC, a slight decrease from the 12 million USD at 00:00 AM UTC (Source: KuCoin). While there was no direct AI news, the correlation between major crypto assets and AI tokens remains a key factor to monitor for potential trading opportunities. The bearish sentiment in the broader market could lead to increased volatility in AI tokens, presenting both risks and opportunities for traders.
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