The price of Bitcoin has sharply dropped to around $93,000, down nearly $15,000 from the historic high set in mid-December, closing at $93,700 yesterday, a decrease of 1.64%.

From the perspective of 24-hour trading volume, according to data from Bitfan, the 24-hour trading volume is $3.812 billion, which has not significantly increased compared to previous historical highs. This indicates that during the current price decline, market participation and trading activity have not significantly increased, reflecting a strong wait-and-see sentiment in the market.

From a technical perspective: looking at common short-term moving averages such as the 5-day, 10-day, and 20-day moving averages, if the short-term moving average crosses below the long-term moving average, forming a death cross, it is usually seen as a signal of short-term bearish dominance. Currently, the Bitcoin price is below the moving averages, indicating a short-term bearish trend in the market. The overall trend of the MACD line is spreading downward, with the DIF line dropping below the 0 axis, while the DEA line is also approaching the zero axis, indicating an increase in bearish momentum in the market, with a greater likelihood of downward trends in the short term. The middle band of the Bollinger Bands is at $98,600, the upper band is higher, while the current price is close to the lower band, which has dropped to $91,100, indicating that the price is at a relatively low level, but also suggesting that the market's volatility range is expanding, and bearish forces are dominating.

On December 30th

Bitcoin: 94,500-94,000 short, target 93,000-91,000, stop loss 95,200

Ethereum: 3465-3435 short, target 3385-3300, stop loss 3515

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