Bitcoin continues to face bearish pressure as its price drops below $94,000 following Wall Street's return on Dec. 23. BTC/USD is now 15% down from its recent all-time high of $99,500, with traders forecasting further declines.
Key Highlights:
Bearish Targets: Traders are eyeing support levels at $92,000, with some predicting a dip to the $85,000–$86,000 range as an attractive buying opportunity for bulls.
Market Sentiment: Analysts like CrypNuevo and Jelle anticipate a revisit to levels near $90,000 before any significant recovery, aligning with broader psychological and technical support zones.Fractal Analysis: Similarities with late 2023 price action suggest a potential drop below $90,000 this week, followed by a gradual recovery into 2025.
Macroeconomic Impact: The U.S. Federal Reserve's hawkish stance and minimal prospects for rate cuts in 2025 weigh on market liquidity and sentiment, adding to Bitcoin’s challenges.
As the holiday season and macroeconomic uncertainties continue, traders remain cautious about Bitcoin's short-term trajectory while keeping an eye on critical support levels.
