It's fine Pixel art, very well choosed palette, & pixels for a such a good rendering in a small size ! 5/5

@Surt: Ah, ok, I see what you mean.  Here's an edit to that arm; it's not quite as extensive as yours, but I think it does address some of the same issues.
@TrojanMonkey:  he has pale, moist semi-transparent skin plus several limbs and a prehensile tail to navigate the utter darkness of the subterranean depths.  I wouldn't put him in the same weight class as a balrog, but it's the same general idea of a horror which has been driven down into the darkness.
@KittenMaster: thanks!

 You nailed the FF6 style.  I knew it was it before reading the description.

This does not seem to be a mob that lives underground.

Too tierd to give further C&C

A rough edit (not quite there but hopefully it gives you the idea):

Thanks guys!  Here's a quick edit that hopefully fixes the arm (and the neck).

The back forearm looks unnaturually long/straight.

Looks great though :)

Love the aged bronze look.

Its right upper arm look awkwardly twisted into the plane of the torso, rather than hanging forwards.