Bitcoin falls below the USD 94,000 level, do the bears now have control?

Market analysts, including Arthur Hayes, have warned of deep short-term price corrections before Bitcoin establishes a new all-time high.

The price of Bitcoin

BTC

tickers down

90,920 €

fell below the 94,000 dollar level on December 29, below the all-time high of approximately 108,000 dollars recorded on December 17, 2024.

According to data from CoinMarketCap, Bitcoin has dropped approximately 1.29% in the last 24 hours and 2.67% in the last seven days.

Bitcoin is trading well below its 20-day exponential moving average (EMA) and is approaching its 50-day EMA as the price of BTC consolidates between 92,000 and 99,000 dollars, following Bitcoin's historic bullish surge in November and December.

However, the price of BTC has remained above its 200-day EMA, which is a critical support level, since October 2024, and the Relative Strength Index (RSI) is currently at 42, indicating that the digital asset is neither overbought nor oversold.