Bitcoin’s price has faced persistent downward pressure since reaching its all-time high of $108K on December 17, 2024, signaling possible instability in the market. Currently trading at $93,533, the cryptocurrency has recorded a 2.27% decline over the past 24 hours. Its market capitalization stands at $1.85 trillion, accompanied by a trading volume of $64.15 billion. This sustained downturn raises a critical question among market participants: when will Bitcoin’s price descent come to an end?
BTC Price Trends and Key Support Levels
Over the past three days, the BTC cryptocurrency has shown a consistent bearish trajectory, dropping from a critical resistance at $102,718 to its current value—a 9% decline. At press time, short-term moving averages, particularly the 20-day MA at $96,166 and 50-day MA at $97,657, are acting as immediate resistance levels, preventing upward momentum.
Following this adverse price action, the BTC token is approaching a potential support zone near $91,8K, a historically vital level where prices have rebounded in the past. Failure to hold this line could drive BTC into a deeper pullback toward the $85,000–$90,000 range—a region that has traditionally attracted significant buying interest. This accumulation zone may serve as a critical area for price stabilization and potential recovery.
Adding to this bearish pressure, liquidation data highlights $132.16 million in liquidations over the last 24 hours, including $90.39 million in long positions. This disparity between long and short liquidations underscores the mounting selling pressure, increasing the likelihood of further price drops.
Technical Indicators Point to a Bearish Bias
Technically, Bitcoin’s daily RSI has dropped to 42.88, reflecting growing bearish dominance, as it lags below the signal line at 48.53. With the RSI not yet reaching the oversold threshold of 30, there is room for further declines, likely toward the $91.8K support.
The Directional Movement Index (DMI) corroborates this trend, with the -DI at 24.6230 outpacing the +DI at 19.8768. Additionally, the ADX at 17.1222 indicates that while the bearish trend is gaining momentum, it is still relatively weak, suggesting the possibility for further market shifts.
What Lies Ahead for Bitcoin?
The $91.8K support zone could serve as a crucial turning point for Bitcoin. Supposing this level holds, it might provide the foundation for a recovery, igniting a short squeeze as long-position traders liquidate orders worth approximately $336.04 million.
However, a break below this level could push prices toward the $85,000–$90,000 accumulation zone, where buyers are likely to step in and “buy the dip.” Conversely, a sustained rebound could see Bitcoin retest the immediate resistance at the 20-day and 50-day moving averages.
A breakthrough above these levels might propel the token toward the $102,718 mark, setting the stage for a renewed attempt at its all-time high. If bullish sentiment gains momentum, Bitcoin could even target $114,000, aligning with the 1.272 Fibonacci extension.
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