Bitcoin’s price troubles continued in the past few hours, as the asset slumped below another support zone – this time the $94,000 mark.
This comes amid changing tides within the crypto community’s sentiment regarding the ongoing bull run and whether it has come to an early and abrupt end.
CryptoPotato has repeatedly reported the adverse price development around BTC, which started yesterday. Recall that the asset had soared past $102,000 on Tuesday morning for the first time since December 19.
However, its run was quickly halted, and BTC started to lose value rapidly and violently. In just an hour or so yesterday, after the release of the US jobs report, the cryptocurrency plunged by five grand to under $97,000.
That was just the beginning of this ongoing correction as the asset plummeted further today – first to $95,000, as mentioned earlier, and now to below $94,000 for the first time since January 1.
The altcoins continue to bleed out, with ETH dumping below $3,300, BNB losing the $700 mark, while DOGE and SOL have dropped by over 8% each. The total crypto market cap has lost nearly $400 billion in 36 hours.
Popular crypto analyst Ali Martinez highlighted this crash, which could trigger the implementation of a bearish head and shoulders pattern for bitcoin.
He asserted that the cryptocurrency had dumped below a coveted support line formed between $95,400 and $98,400, where over 1.5 million BTC was acquired by nearly 1.8 million addresses.
As such, the analyst outlined $92,000 as the next pivotal support level that needs to hold; otherwise, bitcoin risks dropping to $74,000 as there’s not much support until that level, given the asset’s rapid ascent since the US elections.
A surge in selling pressure pushing #Bitcoin below $92,000 could spell trouble. Falling past this level opens the door to a steep drop, with little support until $74,000.https://t.co/pyGIVD5uCD
— Ali (@ali_charts) January 8, 2025
