Bitcoin crashes below 94,000, can the 90,000 mark hold?

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Bitcoin just broke through the 108,000 USD high, but in just a few days, it rapidly fell, causing the entire market to significantly retreat. Technical indicators show that the downward momentum persists, but on-chain data suggests that as long as the bulls can maintain support, the possibility of a rebound still exists.

Despite a generally bullish outlook in the market before Christmas, the emergence of shorts caused Bitcoin's price to plummet rapidly, with many analysts predicting the price could possibly drop below the 90,000 USD mark. In the last three days, Bitcoin's decline has almost wiped out the gains of altcoins, resulting in over 1 billion USD evaporating from the market.

However, analyst Crypto Rover indicated that the current decline is similar to last December, which might be a good buying opportunity. If this pullback is similar to last year, Bitcoin could drop another 10%, reaching the 85,000 to 88,000 USD range before a strong rebound, possibly even breaking the new high of 125,000 USD. If it rebounds from the current price, the likelihood of breaking above 110,000 USD is also significant, suppressing bearish sentiment.

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