Bitcoin Approaches MACD Death Cross Amid Surge in Bearish Bets

Bitcoin (BTC) has experienced a consistent decline over the past three days, slipping below the key $95,000 level. Technical indicators point to further potential downside: the MACD indicator is on the verge of forming a 'death cross,' a pattern that historically signals the start of extended price declines. In addition, BTC's funding rate has remained negative since May 1, suggesting more traders are betting on price drops rather than recoveries. This sentiment is echoed in the options market, where the put-to-call ratio is currently 1.33, indicating significantly more bearish bets than bullish ones.

At the time of reporting, Bitcoin is trading at $94,598 and has turned the $95,000 level into resistance. Should bearish momentum persist and bulls fail to defend near-term support levels, BTC could fall further to $92,048 or even below $90,000, potentially reaching $87,908. However, if bullish momentum returns, a rebound above $95,000 and a rally towards $96,187 remains possible.