Bitcoin miners' signals and the Fear Index are both turning bullish. Can the $90,000 support level hold?

【ChainWen】Recently, there is an interesting phenomenon: several key indicators of Bitcoin miners and the market sentiment index have simultaneously issued bullish signals.

Let’s first look at the miners. The Hash Ribbon indicator (comparing the 30-day and 60-day hash rate moving averages) has already shown a clear buy signal, which usually indicates that the miner capitulation phase may be ending. Historical experience tells us that each time this signal appears, it often corresponds to an important price opportunity. The last time was in July 2025, after which Bitcoin surged by 25%, directly reaching a new all-time high.

At the same time, market sentiment is also aligning. The 30-day moving average of the Crypto Fear & Greed Index recently crossed above the 90-day moving average (the first time since May 2025), indicating that the overall market mentality is gradually shifting from long-term fear to a hint of greed.

But don’t get too excited. From a technical perspective, the $90,000 level is the real critical point. This price is not arbitrary—it corresponds to the 200-period moving average on the 4-hour chart and is also the lower boundary of the weekly bearish flag pattern. Simply put, this is both a technical support and a psychological threshold.

If the $90,000 level holds, buyers still hold the initiative, and a rebound is possible. But if the weekly close drops below this level, be prepared for a downward move—initially watch the $80,000 to $85,000 zone, then the April 2025 low of $74,500, and the final line of defense is the 200-week moving average at $68,000.

In summary, the short-term market signals are indeed positive, but always keep an eye on the $90,000 line.