Bitcoin is facing a major test as it struggles to break through the crucial resistance level of $93,000. This struggle, coupled with bearish technical indicators, suggests a potential downward trend in the market. Institutional investors are pulling out of Bitcoin and Ethereum ETFs, further fueling this uncertainty. Analysts like Arthur Hayes and Rekt Capital have warned of a possible price dip, potentially returning to lower levels around $80,000 driven by macroeconomic factors and historical cycles. The overall market sentiment remains volatile due to these trends. The lack of new regulatory commentary adds to the growing pessimism. While some within the community see this as a potential late-cycle reset, not an outright bear market, the market awaits clarity on Bitcoin’s future trajectory.