Jan 9, 2025
3 0
Bitcoin Price Falls Below $100,000 Amid Increased Selling Pressures
The crypto market experiences volatility following Bitcoin's recent decline below $100,000. Analyst Ali Martinez outlines critical levels to monitor amid increased selling pressures and mixed macro and technical indicators.
Key Levels To Watch After The Bitcoin Price Crash
- Bitcoin trades under $100,000 after a brief surge above this level.
- Recent drop invalidated a Head and Shoulders pattern, reigniting bearish sentiment.
- Bitcoin fell below the key demand zone of $95,000 to $98,000, affecting 1.77 million wallet addresses holding over 1.53 million BTC.
- Potential selling from these addresses could push Bitcoin below $92,000, leading to rapid declines with limited support until $74,000.
- A drop below $92,000 is labeled “free fall territory,” suggesting intensified panic selling.
Rebound On The Horizon Or More Pain Ahead?
- Despite bearish signals, Martinez notes a possible rebound indicated by a buy signal on the TD sequential indicator in the 4-hour chart.
- Binance traders remain bullish, indicating potential short-term recovery towards $98,600.
- Sustained movement above $100,000 is essential to negate the current bearish trend and aim for new all-time highs.
- If Bitcoin does not reclaim $100,000 and drops below $92,000, it may correct further to lows between $78,000 and $74,000.
- Current Bitcoin price stands at $94,154, with potential declines marking a 17.16% to 21.41% drop.
