Bitcoin News: Price Rejection at $102k Resistance Sparks Concerns of a Drop to $88k

Bitcoin's price recently faced significant resistance at the $102k level, raising concerns about a potential drop to $88k. After a brief recovery from its December decline, BTC surged to an all-time high of $108,000 but quickly fell to $92,000 within three days. Despite multiple attempts by bulls to push the price above $99,000, the resistance proved too strong, leading to a rejection. The cryptocurrency's price action suggests a critical juncture, with market participants closely watching for signs of further decline or a potential breakout.

Bitcoin Price Rejected at $102k Resistance – Will BTC Drop to $88k?

The price of Bitcoin (BTC) appeared to recover from its previous decline at the end of December. However, after reaching an all-time high of $108,000, BTC dropped to $92,000 within three days. The bulls managed to push the price up to $99,000 but faced rejection. A second attempt five days later also failed to sustain above $99,000. Eventually, the bulls succeeded in breaking through, pushing the price to $102,750, but this was followed by a significant decline, confirming a downward trend. Bitcoin is now searching for a new bottom, with uncertainty about how low it will go.

MicroStrategy Confirms $250M Bitcoin Acquisition in Latest Buy

MicroStrategy has announced its latest Bitcoin purchase, acquiring 2,530 BTC for approximately $243 million at an average price of $95,972 per Bitcoin. This acquisition brings MicroStrategy's total Bitcoin holdings to 450,000 BTC, purchased for around $28.2 billion at an average price of $62,691 per Bitcoin. The announcement comes during a period of correction for Bitcoin, which recently dropped to a new yearly low of under $91,000. MicroStrategy's consistent investment in Bitcoin highlights its confidence in the cryptocurrency as a long-term store of value.

Bitcoin Price Analysis: BTC Risks Dropping to $80K If This Support Fails

Bitcoin’s price is currently losing a key level, which could lead to a deeper correction in the coming weeks. On the daily timeframe, the asset has been rejected from the $100K resistance level twice in the last couple of months. This failure to continue higher has led to a drop toward the $92K support zone, which is now getting broken to the downside. If this level is lost, a decline toward the $85K area and even a deeper correction toward the $80K zone could be expected. The 4-hour timeframe suggests that the price is currently attacking the $92K support zone with massive bearish momentum. With the $92K level already holding the price on three occasions in the last few weeks, the level has definitely weakened, and there’s a high risk of further downside.

Bitcoin (BTC) Demand Fades as Price Nears $90,000

Bitcoin is facing a decline in demand as its price approaches $90,000. The cryptocurrency is experiencing reduced buying pressure and a drop in institutional participation, which could lead to a further decline in price. The BTC/USD one-day chart shows that Bitcoin is trading below the red line of its Super Trend indicator, signaling bearish momentum and a decrease in buying pressure. Additionally, the Smart Money Index (SMI) for BTC has been declining since January 6, indicating a loss of confidence among institutional investors.

Bitcoin (BTC) Plunges to $90,600 Amid Declining Whale Activity: What’s Next?

Bitcoin began the week with a significant slump, briefly falling below $90,600 to its lowest figure since November. Over the past day, the cryptocurrency declined by almost 4%, extending its monthly losses to 11%. The downturn marks a subdued period for BTC and the entire market. During this time, the whale activity also appears to have taken a tumble. Crypto analyst Ali Martinez highlighted a steep decline in large transactions on the Bitcoin network, suggesting reduced activity among 'whales.' According to his tweet, the number of large Bitcoin transactions plummeted by 51.64% over the past month, dropping from 33,450 to 16,180. Such a dramatic reduction in whale activity often signals a cooling market, as these large players are typically seen as key market movers.