Bitcoin has been on a downward trend for the past three days, pulling its price below $95,000, a key level for many investors.

The decreasing market sentiment suggests that the cryptocurrency might drop further to $90,000, indicating a potential continued decline in its value.

There are several negative signals for BTC, such as the looming formation of a death cross on the Moving Average Convergence Divergence (MACD) indicator. This technical pattern typically marks the beginning of extended price drops, reflecting concerns about Bitcoin's short-term performance.

Additionally, the consistently negative funding rate for BTC indicates a prevailing bearish outlook. Futures traders have been more inclined to take short positions on Bitcoin, as shown by data from Coinglass.

Furthermore, the options market presents a pessimistic view of Bitcoin's near-future price movements, with more open put contracts compared to call contracts, suggesting a hedging strategy against further downside.

At the moment, Bitcoin's price is at $94,598, facing resistance at $95,000. If this level is breached, the price may drop to $92,048 and potentially below $90,000 to $87,908 unless bullish momentum drives the price back up beyond $95,000 towards $96,187.