Bitcoin (BTC) price remained under pressure below the 50-day moving average

Bitcoin (BTC) was trading at $84,000 on Monday, just below the key resistance level at $85,000. This price is about 13.4% above its lowest level this month.

Bitcoin price was trading in a tight range on Monday, remaining pressured below the 50-day moving average as the fear and greed index held in the fear zone.

Bitcoin (BTC) was trading at around $84,000 by 09:30 ET (13:30 GMT), just above a key resistance level at $85,000. At this price, the coin was trading at about 13.4% above its lowest level hit this month.

The coin’s movement came after Donald Trump decided to exempt certain items like smartphones and other electronic goods from recently announced tariffs. While equities initially surged following the news, much of those gains were later erased. The Nasdaq 100 index, for example, was up by only 90 points after earlier rising more than 500 points.

One key reason behind Bitcoin’s underperformance was that investor sentiment remained largely cautious, with many traders still preferring to stay on the sidelines. Spot Bitcoin ETFs, for example, recorded outflows of over $713 million last week, following losses of $172 million the previous week.

The crypto fear and greed index tracked by CoinMarketCap remained in the “fear” zone on Monday, holding at 27, while the CNN Money index was sitting even lower in the “extreme fear” zone at 21. These levels, especially during uncertain conditions, typically indicate risk-averse behavior, with fewer investors willing to take on exposure.

Meanwhile, futures open interest moved slightly sideways over recent days. According to CoinGlass, open interest remained stuck at $56 billion, highlighting weakness in futures demand and trader conviction.

Bitcoin price technical analysis

The daily chart showed Bitcoin was remaining pressured. Price action had stalled around a key level at $84,400, which was just below the 50-day and 200-day Exponential Moving Averages. A potential crossover of these two indicators could form a death cross, a bearish technical signal suggesting further downside.

Bitcoin was also trading below a descending trendline that connected the major swing highs since January 20. It was currently trading near the lower boundary of its Murrey Math Lines trading range.

Given these signals, there was a risk that BTC could resume its downtrend, with sellers potentially targeting the recent double-bottom support at $76,800. But this bearish outlook would be invalidated if Bitcoin broke above the descending trendline and both moving averages. A sustained move above these resistance points would also negate the death cross setup and suggest a possible bullish reversal.