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Home»Bitcoin»Is Bitcoin Heading for a $90,000 Correction?
Bitcoin

Is Bitcoin Heading for a $90,000 Correction?

2025-01-10No Comments3 Mins Read
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This article is available in Spanish.

Bitcoin’s recent price fluctuations have left investors in a state of uncertainty as the cryptocurrency has seen a dramatic decline from its peak of nearly $107,000 to around $94,550. This volatility raises key questions about Bitcoin’s ability to continue its rally and whether it can regain its footing in the coming weeks.

Related reading

Critical support levels are threatened

CryptoQuant analyst Shayan has something important to say about the current conditions in Bitcoins. According to him, the price is trying to stabilize just above the USD 92,000 level, which he believes is a key support.

He notes that Bitcoin is stabilizing around the $92,000 mark, which he identifies as a crucial support zone. If Bitcoin falls below this level, it could trigger a wave of long liquidations and push prices towards the 100-day moving average of $81,000. This line has also acted as a real dynamic support by attracting buying inflows and can also soften prices during a further decline.

Source: CryptoQuant

Shayan underlines the role of market sentiment and technical indicators. Currently, Bitcoin is fluctuating at significant support levels created at the $90K level and Fibonacci retracement levels at $87K and $82K. If the above levels do not hold, there could be further selling pressure with corrections.

Bitcoin Bullish Outlook Despite Bearish Fears

Amid this uncertainty, renowned cryptocurrency analyst Crypto Rover has expressed a bullish outlook for Bitcoin. He recently compared today’s price action to historical patterns, suggesting that January could see positive trends for Bitcoin.

#Bitcoin history repeats itself exactly.

January turns green.

You will regret not buying more here. pic.twitter.com/DCssLNMGh6

— Crypto Rover (@rovercrc) January 8, 2025

In a tweet he stated: “Bitcoin history is exactly repeating itself. January turns green. You will regret not buying more here.” His analysis indicates that if Bitcoin can break the critical resistance level at $100,000, it could potentially soar past $107,000.

See also  How to send Bitcoin on Cash App

Large capital inflow

Rover’s positivity is reinforced by the enormous capital inflow Bitcoin ETFswhich attracted more than $900 million in inflows from institutions like BlackRock and loyalty. The increasing institutional interest also indicates confidence in Bitcoin’s long-term prospects. However, he also warns that failure to close above $100,000 will result in a pullback to $92,000 or even lower.

BTC is now trading at $93,231. Graphic: Trading view

The broader cryptocurrency market is feeling the strain too. This decline is accompanied by the inability of Bitcoin to stay afloat, and other cryptocurrencies such as Ether and Solana have fallen by more than 7%.

Related reading

Even the crypto sector’s traditional stocks, such as MicroStrategy and Coinbase, have fallen sharply. Funding rates falling within the derivatives market add yet another layer of bearish sentiment around Bitcoin. According to Shayan, falling financing rates reflected declining demand for derivatives, which also played a crucial role in sustaining price trends.

Featured image from Pixabay, chart from TradingView



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