Daily Market Review and Analysis for BTC: January 1, 2025
2025-01-02
Category: None

#BTC (Daily Chart)

The cryptocurrency market capitalization has dropped by 2.5% over the past 24 hours, while #BTC dominance fell by 0.47%. Despite the bullish momentum, there is a growing likelihood of Bitcoin dropping to the $90,000 zone or lower.

Bitcoin’s upward movement was halted by intensified selling pressure near $95,000. Buyers failed to hold the $94,500 level, resulting in a price decline to around $91,600.

It’s worth noting that Bitcoin’s price on the daily timeframe is approaching the lower Bollinger Band, which is positioned above the seller liquidity zone.

In the short term, another attempt to test the $96,000 level is likely. However, it’s more probable that a new wave of decline will follow, targeting $90,500. This would trigger stop-losses for long positions (SSL) and push the price to a local low in the $89,000–$90,000 range.

From this point, a local upward trend could resume, targeting $96,963, where buyers’ stop-losses (BSL) are located. If this condition is met, Bitcoin could rally to $104,000.

That said, it’s too early to make global bullish predictions. Bitcoin first needs to clear key levels and stop-loss zones at $90,500 (the nearest realistic target) and $88,722.