Bitcoin Daily Close To ‘Dictate The Next Move’, Is Another Price Drop Ahead?

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Bitcoin Daily Close To ‘Dictate The Next Move’, Is Another Price Drop Ahead? - NewsBTC

Quick Summary:

For this week, Rekt Capital added that even if Bitcoin closes the day below the $91,000 range low, it will likely need to turn that level into resistance for its price to drop into the $87,000-$91,000 range.

Daan explained, "At some point, the shorts will have to close out, but they probably won’t do so before pushing the market down further, combined with the spot selling from Coinbase.” And added that "the slow grinds down end in a violent wick, after which shorts take profit, and we see a (local) bottom.” Additionally, the trader highlighted the similarities between BTC’s performance between December 2023 and January 2024 and December 2024 and January 2025.

This week, Bitcoin is potentially deviating below the Range Low support of $91,000.” He asserted that BTC closed above the $101,000 range high last Monday but failed to retest it into new support after the breakout, reverting to the $91,000-$101,000 range.