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'Trump dump' could drag Bitcoin price down to $88,000
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Bitcoin fails to rebound after fall, price test of $88,000 becomes 'highly likely' scenario
On January 8, Bitcoin (BTC) price experienced a significant decline, breaking through the critical level of $96,000 and continuing to decline. Bitcoin price fell 1.7%, moving closer to the $88,000 support area, according to data from Cointelegraph Markets Pro and TradingView. Experts generally believe that a Bitcoin price test of $88,000 will be a "highly likely" scenario in the coming days.
Market spot selling pressure intensifies
One of the main reasons for this wave of decline is the increasing uncertainty of the US macroeconomic, which has driven the overall selling sentiment in the market. As market risk sentiment rises, spot sellers dominate the market. The CryptoQuant analysis platform pointed out that the “selling pressure” on the global exchange Binance is increasing, especially on the Binance platform, the hourly net takers have dropped sharply, which means that the selling pressure has increased significantly.
BTC Price Tests Key Support Level
According to analysis by popular trader Skew, $95,000 is a key short-term support level, and Bitcoin price is currently approaching this level. In its analysis, Skew noted that the $92,000-$88,000 area will provide strong support for Bitcoin prices as market demand increases. Its accompanying chart shows that there is a lot of liquidity in the Binance order book waiting to execute buy orders in the $88,000 area, which provides a relatively solid buffer for Bitcoin prices.
Market expectations for the coming weeks
Trader Johnny believes that over the next 2-3 weeks, Bitcoin prices may dip further into the $88,000 area, a prediction that is also tied to the inauguration of US President-elect Donald Trump. He said, "This type of move is very likely to occur in the next few weeks." This market expectation indicates that Bitcoin prices may face more uncertainty, especially as the political situation in the United States is unclear.
Nod your avatar live and come into the live room to chat!
Click your avatar live and come into the live room to chat!
Bitcoin fails to rebound after fall, price test of $88,000 becomes 'highly likely' scenario
On January 8, Bitcoin (BTC) price experienced a significant decline, breaking through the critical level of $96,000 and continuing to decline. Bitcoin price fell 1.7%, moving closer to the $88,000 support area, according to data from Cointelegraph Markets Pro and TradingView. Experts generally believe that a Bitcoin price test of $88,000 will be a "highly likely" scenario in the coming days.
Market spot selling pressure intensifies
One of the main reasons for this wave of decline is the increasing uncertainty of the US macroeconomic, which has driven the overall selling sentiment in the market. As market risk sentiment rises, spot sellers dominate the market. The CryptoQuant analysis platform pointed out that the “selling pressure” on the global exchange Binance is increasing, especially on the Binance platform, the hourly net takers have dropped sharply, which means that the selling pressure has increased significantly.
BTC Price Tests Key Support Level
According to analysis by popular trader Skew, $95,000 is a key short-term support level, and Bitcoin price is currently approaching this level. In its analysis, Skew noted that the $92,000-$88,000 area will provide strong support for Bitcoin prices as market demand increases. Its accompanying chart shows that there is a lot of liquidity in the Binance order book waiting to execute buy orders in the $88,000 area, which provides a relatively solid buffer for Bitcoin prices.
Market expectations for the coming weeks
Trader Johnny believes that over the next 2-3 weeks, Bitcoin prices may dip further into the $88,000 area, a prediction that is also tied to the inauguration of US President-elect Donald Trump. He said, "This type of move is very likely to occur in the next few weeks." This market expectation indicates that Bitcoin prices may face more uncertainty, especially as the political situation in the United States is unclear.
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Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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