Bitcoin's price remained under pressure, trading below its 50-day moving average as the fear and greed index lingered in the "fear" zone.

On Monday, Bitcoin (BTC) traded at approximately $84,000, slightly below the key resistance level of $85,000. This represents a 13.4% increase from its monthly low.

This price movement followed Donald Trump's decision to exempt certain goods, including smartphones and electronics, from recently imposed tariffs. While equities initially surged on this news, much of the gains were quickly reversed. The Nasdaq 100, for example, ultimately closed up only 90 points after an initial surge of over 500 points.

Bitcoin's underperformance stems largely from cautious investor sentiment. Many traders remain sidelined. Spot Bitcoin ETFs experienced outflows exceeding $713 million last week, following losses of $172 million the previous week.

The CoinMarketCap crypto fear and greed index remained in the "fear" zone at 27, while the CNN Money Fear & Greed Index registered even lower, in the "extreme fear" zone at 21. Historically, these levels indicate risk aversion, with fewer investors willing to take on exposure during periods of uncertainty.

Meanwhile, futures open interest has plateaued recently. According to CoinGlass, open interest remains stagnant at $56 billion, reflecting continued weakness in futures demand and a lack of trader conviction.

Bitcoin Price Technical Analysis

BTC Price Chart | Source: crypto.news

The daily chart indicates continued pressure on Bitcoin. Price action has stalled around $84,400, a key level just below both the 50-day and 200-day Exponential Moving Averages. A potential crossover of these averages could signal a "death cross," a bearish technical pattern suggesting further price declines.

Bitcoin also trades below a descending trendline connecting major swing highs since January 20. It currently sits near the lower boundary of its trading range, as defined by Murrey Math Lines.

These indicators suggest a potential resumption of the downtrend, with sellers possibly targeting the recent double-bottom support at $76,800. However, this bearish outlook would be invalidated if Bitcoin breaks above the descending trendline and both moving averages. A sustained move above these resistance levels would negate the death cross pattern and potentially signal a bullish reversal.