The bears’ struggle persists, as a majority of the cryptocurrencies are still trading in the negative territory, based on data from CoinMarketCap.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.37% over the last day.
In simpler terms, the current hourly Bitcoin price is close to its local support level at approximately $92,465. If today’s closing price remains near this level, it suggests that the downward trend might persist towards the $91,000 region.
Looking at the larger picture, the candle is almost closing with a significant wick, indicating potential weakness. If bulls don’t take control before the end of the day, traders might see a break in support levels, leading to a possible decline towards the $88,000-$90,000 price range.
From the midterm point of view, sellers are more powerful than buyers.
Should the price surpass the $92,118 mark, it could potentially trigger a movement that takes us towards the $80,000 to $85,000 range.
Bitcoin is trading at $93,274 at press time.
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2025-01-10 18:53