A company that is changing the way the world mines bitcoin

CryptoIntelligence 2024-12-29 20:28:31

Bitcoin Price Dips Below $94K Amid Consolidation and Bearish Signals

Bitcoin’s price dropped below the $94,000 mark on Dec. 29, down from its all-time high of approximately $108,000 reached on Dec. 17, 2024. Data from CoinMarketCap shows Bitcoin has declined 1.29% over the last 24 hours and 2.67% in the past week. BTC is trading below its 20-day exponential moving average (EMA) and approaching its 50-day EMA, consolidating between $92,000 and $99,000 after November and December’s historic bull rally. Despite this, Bitcoin remains above its 200-day EMA, a crucial support level, since October 2024. The Relative Strength Index (RSI) is at 42, signaling that the asset is neither overbought nor oversold. Taker-Buy-Sell-Ratio Drops, USDT Dominance Rises The Bitcoin Taker-Buy-Sell-Ratio, a metric that reflects market sentiment, currently stands at 0.92. A value below 1 suggests bears dominate the market, while a value above 1 indicates bullish control. TradingView contributor “The ForexX Mindset” warned of a possible market dump that could push BTC’s price to around $81,500. The analyst pointed to rising USDT market dominance as a signal that investors are moving to safer assets. Technical analyst Aksel Kibar echoed this sentiment, predicting a correction to $80,000 based on a classic head-and-shoulders chart pattern. Perpetual Futures Funding Rates Remain Positive Despite bearish on-chain signals, BTC perpetual futures funding rates remain positive, indicating long traders maintain control and are willing to pay short traders to hold their positions. Long-Term Outlook Hinges on U.S. Policies The long-term trajectory of Bitcoin’s price depends on the Trump administration’s regulatory approach and the Federal Reserve’s monetary policy in 2025. Crypto mining firm Blockware has set a wide-ranging price forecast of $150,000–$400,000 for BTC in the new year, reflecting the uncertainty surrounding these factors.