Bitcoin continues to experience significant selling pressure, rejecting the $100,000 mark during the holiday season. The price hovers around the critical support level of $95,000, with predictions of a possible decline to $60,000 ahead of Donald Trump's inauguration on January 19th.
Bitcoin Struggles to Hold Price
The drop in Bitcoin’s price following its rise to $100,000 has intensified selling pressure. The coin is attempting to stabilize around the $95,000 mark. However, on-chain data suggests limited capacity to sustain a rally. Analysts note that if BTC fails to hold the support zone between $97,041 and $93,806, it could face further losses.
Warnings About Potential Bitcoin Decline
Renowned crypto analyst Ali Martinez warns that if these support levels are breached, the price could fall to $70,085. Additionally, on-chain data reveals an increase in Bitcoin reserves on exchanges, indicating preparations for a potential downturn. Over the past week, more than 33,000 Bitcoins have been transferred to exchanges, signaling a possible decline.
Optimism for Altcoins
Despite the potential decline in Bitcoin, interest in altcoins has not diminished. Investors maintain optimism about the recovery potential of altcoins. Market analysts assert that the altcoin season is not over and these assets still have strong recovery prospects, maintaining optimism in altcoins even amid Bitcoin’s pressures.
The cryptocurrency market continues to monitor the situation around Bitcoin, awaiting how it unfolds ahead of Donald Trump's inauguration. Meanwhile, optimism for altcoins remains high, reflecting investors' confidence in their recovery prospects.
