Van Straten suggests that Bitcoin’s bullish rally could be in jeopardy if BTC falls beneath the $91K mark.

Bitcoin (BTC) recently fell to just below $98,000, a nearly 10% drop from its all-time high, sparking concerns about the continuation of its bullish momentum.

The decline is partly driven by fears surrounding China’s DeepSeek AI model, which is expected to compete with the U.S. tech industry while operating at a fraction of the cost. Since President Donald Trump’s election victory, Bitcoin has surged from $66,000 to a new all-time high of $109,000. Throughout this rally, Bitcoin has seen two significant 15% corrections and several other smaller declines, making this latest drop appear consistent with past pullbacks.

A key indicator that can signal support during a bull market is the short-term holder cost basis. This figure, which reflects the average cost of Bitcoin coins that have moved in the past 155 days, currently stands at around $91,000. If Bitcoin drops below this level, it could create pressure on the market and test the strength of the ongoing rally.

In addition to these technical factors, sentiment in the market is turning increasingly bearish, as Bitcoin’s funding rates have shifted negative. Some experts, such as Arthur Hayes, co-founder of Bitmex, predict a possible correction to the $70,000-$75,000 range before Bitcoin could see a rise to $250,000. CoinDesk’s Omkar Godbole has also noted that a potential “double top” bearish reversal pattern could send Bitcoin down to $75,000.

This recent downturn is not isolated to Bitcoin; U.S. markets are also facing sell-offs, with Nasdaq futures down by as much as 4%, signaling broader market concerns.