'Trump dump' risks pulling Bitcoin price down to $88K
2025-01-08
Category: None

Bitcoin BTCUSD fell below $96,000 on Jan. 8 as a spot sell-off forced BTC price action to a “pivotal” level.
BTC price losses mount with $88K “highly probable”
Data from Cointelegraph Markets Pro and TradingView tracked BTCUSD as it shed another 1.7% on the day.
This joined existing losses which had taken the pair down more than $5,000 at the hands of fresh US macroeconomic concerns.
Spot sellers were in control, with onchain analytics platform CryptoQuant warning of increasing “pressure” on global exchange Binance.
“The hourly Net Taker Volume on Binance turned sharply negative today, signaling a significant increase in selling pressure,” contributor Darkfost reported in one of its Quicktake blog posts. 

Popular trader Skew meanwhile flagged $95,000 as the key short-term level going forward, with BTC price less than $500 away at the time of writing.
“Right around 1D lows ($92K - 88K), bid liquidity has been buffered up a decent amount with increased demand,” part of his latest analysis on X read.

An accompanying chart showed blocks of liquidity waiting further down the Binance order book, with buyers interested toward $88,000.
Considering what might happen in the coming weeks, fellow trader Johnny was among those forecasting a dip to that zone.
“I think a move like this over the next 2-3 weeks going into the inauguration is highly probable,” he told X followers, referring to the start of US President-Elect Donald Trump’s term in office.
Others were less anxious, with trader and analyst Josh Rager seeing the potential for a rebound by the end of the week.
“$BTC not overly concerned on today's chop price action,” he concluded on Jan. 7.

Demand backs Bitcoin bull case
Continuing the positive slant on the market, CryptoQuant CEO Ki Young Ju revealed solid demand behind meandering price performance.
In his own X thread this week, Ki referenced the Apparent Demand indicator, which compares the amount of mined Bitcoin to those held for at least a year.
“Bitcoin apparent demand is back,” he summarized.
Earlier, Cointelegraph reported on sell-side pressure from exchanges “shrinking at a rapid pace,” potentially limiting downside impact during snap price moves.
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