Bitcoin is struggling at the resistance level of 89,000 dollars.

Bitcoin has been struggling to break through the critical resistance level of $89,000 in recent days, influenced by the strong rise in gold and commodity markets. As the leader of the cryptocurrency market, Bitcoin has started to worry investors, especially as it lags behind the performance of traditional investment assets.

Currently, precious metals like gold and silver are trading near record levels, while the US dollar’s resurgence is increasing the pressure on digital assets. Evaluations from FxPro analysts clearly highlight the technical barriers in the market and changes in investor appetite. FxPro Senior Market Analyst Alex Kuptsikevich made significant warnings by comparing Bitcoin's current situation to past movements of the dollar.

Kuptsikevich noted that following an 8% depreciation of the dollar between April and June last year, Bitcoin rose by more than 50%. However, in the recent period, despite a 4% decline in the dollar index contributing to a 30% increase in silver and a 15% rise in gold, Bitcoin's inability to capture this momentum is noteworthy.

According to the analyst, Bitcoin is trying to establish a sustainable level above $89,000. This level stands out as both a psychological threshold and a technical barrier supported by the 50-day moving average. Kuptsikevich expressed that the price's position below this curve indicates a bear market. While it is observed that Bitcoin has managed to maintain support around $85,000, the overall outlook remains weak.

The price movements that are approximately one-third lower than the highest levels of the past two months are deemed a source of pessimism by experts. Bitcoin's excessive sensitivity to global market liquidity conditions and the strength of the dollar prevents the asset from writing an independent bullish narrative. Investors are closely monitoring $89,000 closings for the leading cryptocurrency to participate in the global market's rising wave again.