Summary:
Bitcoin price dips to $92,600 amid profit-taking.
Analysts expect $90,000 or $97,000 as target levels.
Major companies like MicroStrategy continue to accumulate Bitcoin.
The Federal Reserve's interest rate cuts contribute to market sentiment.
Bearish Outlook on BTC/USD
- Sell the BTC/USD pair and set a take-profit at $90,000.
- Add a stop-loss at $97,000.
- Timeline: 1-2 days.
Bullish Outlook on BTC/USD
- Buy the BTC/USD pair and set a take-profit at $97,000.
- Add a stop-loss at $90,000.
Bitcoin's price has dipped to $92,600 as profit-taking continues and momentum fades. The anticipated Santa Claus rally failed to materialize, pushing the BTC/USD pair to crucial support levels.
Despite recent positive developments in the crypto space, including new appointees to the crypto and AI councils by Donald Trump, Bitcoin's value continued to fall. Analysts anticipate a change in the SEC's approach under Trump's appointees compared to the previous focus on lawsuits by Gary Gensler.
Notably, major companies like MicroStrategy and MetaPlanet are still accumulating Bitcoin, with MicroStrategy having spent $561 million over the past seven weeks.
The decline in Bitcoin's price follows a record high of over $108,000 last week, exacerbated by ongoing profit-taking after the Federal Reserve hinted at further interest rate cuts in 2025.
BTC/USD Technical Analysis
The BTC/USD pair has experienced a significant reversal from its high of $108,375 on December 17. The price has dropped below the ascending channel's lower side, indicating a bearish trend.
Indicators like the Relative Strength Index (RSI) and MACD suggest continued downward movement. A loss of the 50-day moving average at $92,450 could lead to further declines, with the next key support at $87,500. Conversely, a rise above $97,000 could invalidate the bearish outlook.
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