In recent moments, Bitcoin‘s price struggles persisted, dipping beneath yet another potential safety level – the $94,000 threshold on this occasion.
This occurs as opinions within the cryptocurrency community shift about the current market surge, with some questioning if it’s prematurely concluded or will continue further.
Previously, CryptoPotato has frequently shared news about Bitcoin’s (BTC) unfavorable price trend, which began yesterday. It is important to note that the digital asset reached a peak of $102,000 on Tuesday morning for the first time since December 19th.
Yet, its upward trajectory came to a sudden stop, causing Bitcoin’s worth to plummet drastically and sharply within an hour or so yesterday. This decline occurred immediately after the publication of the US jobs report, with Bitcoin dropping approximately $5,000 to below $97,000.
Today marked a continued decline in the value of the asset, dropping to new lows. Earlier, it had fallen to around $95,000, and today, it dipped even lower, falling beneath $94,000 – a level not seen since early January.
Cryptocurrencies besides Bitcoin are experiencing significant declines. Ethereum has dipped below $3,300, Binance Coin is falling beneath the $700 barrier, and Dogecoin and Solana have dropped by more than 8% each. In just 36 hours, the overall crypto market capitalization has shrunk by close to $400 billion.
As a researcher examining cryptocurrency trends, I recently noted an observation by analyst Ali Martinez about a potential upcoming crash that might lead to the formation of a bearish head and shoulders pattern in Bitcoin’s price movement.
As an analyst, I can confirm that I’ve noticed the cryptocurrency has plunged beneath a significant support range, which spans from approximately $95,400 to $98,400. Interestingly, this range saw roughly 1.5 million Bitcoins being acquired by nearly 1.8 million different addresses.
In summary, the analyst highlighted that $92,000 is a crucial point where bitcoin’s support should hold steady; if it fails to do so, there’s a possibility of bitcoin falling to around $74,000 because there isn’t much reinforcement until that level, considering the rapid increase in value since the US elections.
As a researcher, I’ve noticed an escalating sell-off that’s driving #Bitcoin prices down towards the $92,000 mark. Dipping below this point could potentially signal a rough ride ahead, as there seems to be a significant drop without much support until the $74,000 level.
— Ali (@ali_charts) January 8, 2025
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2025-01-08 20:32