Bitcoin faces significant selling pressure amid US political uncertainties. Analysts expect further decline to $88,000.
A Black Day for Bitcoin: Macroeconomic Concerns
On January 8, the crypto market faced a wave of massive sell-offs, causing Bitcoin to fall below $96,000. This aligns with unfavorable US economic data, notably the ISM PMI and JOLTs Job Openings indices. Binance recorded a record negative net volume of -$325 million, reflecting exceptional selling pressure. CryptoQuant analysts warn of increasing pressure on spot markets. Sellers appear to have taken control, as shown by a large amount of sell orders on major trading platforms. Renowned trader Skew identifies the $95,000 level as crucial.
Trump's Shadow over the Crypto Markets
In the short term, Bitcoin's prospects are closely tied to the US political context and the upcoming inauguration of Donald Trump. Analysts expect increased volatility in the next 2-3 weeks. However, there are optimists, like Josh Rager, who mention the possibility of a rebound as early as next weekend. His outlook is based on on-chain data from CryptoQuant showing strong demand.
The Future of Bitcoin: Is Recovery Possible?
Technical data shows selling pressure on exchanges easing, which may limit further corrections. This suggests that the market could find solid support before reaching more pessimistic levels. However, the situation remains delicate, and the coming days will be decisive in determining the market's future direction.
The situation remains unstable, and the coming days will reveal whether the projected drop to $88,000 will materialize, or if the market will find support sooner.
