Bitcoin Price Drops Over 6% to Near $93K with Low Trading Activity

Bitcoin's price has decreased over 6% in the past week, dropping below $93K amid low bullish momentum. This decline comes ahead of the second inauguration of US President-elect Donald Trump.

Key points include:

Only $313 million was liquidated from the crypto-leveraged market, mainly affecting long traders.
Bitcoin's network activity has reached its lowest since November 2024, with approximately 667,100 active addresses.
Large transactions on the Bitcoin network have fallen by about 51% in the past month.
A net cash outflow of $149 million occurred in US spot BTC ETFs last Friday, primarily involving BlackRock’s IBIT.
The supply of Bitcoin on centralized exchanges rose by 2,729 in 24 hours, totaling around 2.19 million.
BTC futures open interest dropped by $6 billion to around $60 billion.

Market Analysis

Trader Peter Brandt noted a head and shoulders pattern forming after hitting resistance near $100K. A consistent drop below $92K could confirm this reversal, potentially leading to prices between $75K and $77.5K. However, he also suggested a possible bear trap, indicating a rebound might occur around $92K, positioning Bitcoin for a potential rally to $125K to $150K in the latter half of 2025.