Is there doubt about whether the market has hit its lowest point yet, given Bitcoin’s recent drop to $93,224? The resilience of this support level won’t be clear until the coming hours, but signs of demand are starting to emerge as a result of significant shifts in the Binance trading orders during the sell-off.
During the dip, significant offers to buy increased from $90,000 to $93,000, demonstrating that buyers were ready to endure higher prices due to their eagerness to acquire. Moreover, additional bids emerged closer to $92,000, suggesting that investors aimed to prevent further price decreases and capitalize on reduced costs. The presence of bid liquidity at these levels is a promising sign that demand persists at those specific price points.
Despite appearances, it seems that passive sellers capitalized on the situation during the latest sell-off by leveraging the momentum generated by aggressive buyers. This dynamic underscores the influence these sellers wielded in the market’s downturn. It remains important to watch whether buyers can regain their strength or if this control persists.
In simpler terms, Bitcoin is approaching significant support points. The 100 Exponential Moving Average (EMA) offers a stronger safety net at approximately $87,000, while $92,000 acts as a temporary barrier for now. For the market to rebound and move back towards its goal of $100,000, it’s crucial that Bitcoin recovers around $96,000. The next few hours will be key in determining the demand strength.
If buyers manage to hold the $92,000-$93,000 price range and the trading volume increases, it could suggest a potential bottom and the start of Bitcoin’s recovery. However, if selling pressure persists and these support levels are breached, a larger correction might occur. For now, traders need to monitor bid levels and trading volume closely as they provide valuable insights about Bitcoin’s future direction. While there is some cause for optimism, it’s crucial to exercise caution given the current instability in the market.
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2025-01-09 15:56