According to CoinMarketCap, bears are persisting with their efforts, and a majority of the coins are currently showing losses (or are in the “red” zone).
BTC/USD
The rate of Bitcoin (BTC) has dropped by 3.21% over the last 24 hours.
Looking at the one-hour chart, Bitcoin’s price appears to have breached a temporary support level around $91,800, but this could be a misleading breakout considering it exceeded most of its Average True Range (ATR). This situation might signal a possible rebound in the near future.
If the daily closing price strays significantly from the specified level, traders might observe a potential retest of the $94,000 area in the near future.
Looking at a larger perspective, the outlook isn’t as optimistic. The primary cryptocurrency is approaching a test of its support level at around $90,405. If it falls below this point, there could be enough momentum for a drop towards the $88,000 region.
Looking at the mid-term perspective, the outlook remains pessimistic. Should buyers fail to maintain control over the crucial $90,000 region, a potential recovery could occur approximately near $82,000.
Bitcoin is trading at $92,782 at press time.
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2025-01-09 18:54