Triple Top Fakeout Leaves Bitcoin Bulls in the Dust

Failed $94,500 breakout, ETF outflows, and political uncertainty weigh on BTC

Bitcoin bulls went from exhilaration to fear as the latest breakout was quickly reversed and turned into a breakdown below $94,500. BTC is currently trading at $89,600, having recovered some of the losses but still in the red.

Most of the drop was triggered by increased fears surrounding a new trade war between the U.S. and Europe. U.S. President Trump threatened a 10% tariff increase on all countries that do not support the U.S. buying Greenland. These new tariffs were supposed to go into effect on February 1.

However, on a post on Truth Social, President Trump changed his rhetoric and backed down from his aggressive stance, even mentioning a framework for a future deal with NATO. In his words, after a meeting with Mark Rutte, Secretary General of NATO, they have formed a ”framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations”.

But while there was some relief in the Greenland and tariff situation, it wasn’t enough to bring enough buyers in, or at least not for a sustained rally. Uncertainty remains high, and this hurts risky assets, such as cryptocurrencies.

In the meantime, the U.S. Senate Banking Committee delayed work on the digital asset market structure bill. The next bill markup may be several weeks away, which is not very helpful for crypto sentiment. According to Coinglass data, Bitcoin ETFs have been posting outflows in excess of $1.5 billion since January 16, which further solidifies the idea of decaying sentiment.

Chart Analysis – BTC/USD

Bitcoin showed us a classic false break of the resistance at $94,500. This was (and still is) an important level that rejected the price three times, effectively creating a triple top. The break of a triple top is a massive bullish signal that usually results in an extended move in the direction of the break.

But Bitcoin’s recent visit above $94,500 failed immediately, and the price dropped to $87,200 before recovering a little. The drop could be attributed to tensions regarding tariffs and Greenland, but now that the situation is somewhat defused, the price is still not shooting up.

From a technical standpoint, Bitcoin is struggling to move above a bullish trend line that was broken after the false break of resistance. All this follows an oversold RSI (late November 2025), which resembles the previous time the RSI was oversold, in February 2025. The February oversold resulted in a strong and prolonged move up, but it must be noted that the price made a lower low after the RSI visited oversold territory. Will that be the case this time?