Bitcoin's trading is back under $90,000 after dropping around 3% today.
Why did this happen?
➡️ Ongoing outflows from major Bitcoin ETFs
➡️ Uncertainty in the economy
➡️ Profit-taking after the highs we saw in October
Feeling like risk sentiment has cooled, and those who don’t get it might miss out.
Looks like Bitcoin hit a wall at $93k. It can’t seem to hold $92k or $93k for long, causing a drop as people sold off. Gotta say, I'm not feeling super bullish right now. Anyone who thinks Bitcoin won't see a winter phase is dreaming. I'm ready for whatever comes, bear or bull.
Pretty sure we’ve entered a bear market. Just keeping my expectations low to avoid disappointment. Sure, we could see another ATH before a bull run ends if inflows come in. Just a fact of life in crypto, so those denying it are setting themselves up for a fall.
Honestly, these dips don’t worry me at all. We’ve seen this countless times before. When we start breaking new highs, the market flips out, and every little dip feels huge.
From where I’m standing, these drops are mainly due to a liquidity gap. When prices spike, a bit of liquidation sends things down fast. People just flip from buying to selling, leading to panic.
Nah, it’s just some traders active around the $93k area since November 20, selling off to either take profits or buy back later. Current bottom looks to be around $80k. The pattern might be leaning towards a recovery, but if we dip below $86 or 85k, it’s bear market territory.
Taking profits is part of the game. Bitcoin needs to allow those wanting out to sell, or it would totally lose confidence. The price is still high and that’s not really alarming.
This week’s candle is a doji, indicating indecision. Gains and losses are just the rollercoaster we all signed up for. Some will panic and sell low, only to buy back higher.
Experienced traders here have mentioned that there’s serious resistance past $92k. Strong momentum requires solid fundamentals, which we’re lacking right now. I read on Coinglass about huge liquidations if we break that resistance, so this bounce didn’t shock me at all.
Next support to watch is $84k while $92k remains a tough zone.
Price is dropping more than it’s rising, weak hands cashing out are shaking things up. There’s some news making waves out there, which might be causing the sell-off. Bitcoin couldn’t break above $93k, so now we're flirting with $88k.
Stay calm and start accumulating more Bitcoin. No room for panic!
The best way to sum up this uncertainty is that people keep selling assets. It’s like a chain reaction, investors fearing further drops due to high liquidity.
We might see a rally, but it’s not likely to hit previous highs.
Same old story, really. We’re in a bear market. Any temporary spikes won’t change that. People should be cashing out on profits if they haven’t already.
This isn’t a bull market; it's just cycles repeating themselves. Some folks will always hope for something different.
After that low at around $86k last month, Bitcoin’s really having trouble breaking above $93k. Seems like inflows into the market are slowing down, with many predicting a deeper dip. If we can’t hit $100k this year, another correction is likely. Analysts see $100k as the recovery point.
Resistance has kept us from pushing past $93k, leading us back below $90k. But don’t expect this to last forever; I think we’ll hit a solid support soon if we get back to $93k. December often shows bullish trends.
Lots of signs suggest the bull run might be fading out. Others still cling to hopes for trading over $100k again. Bitcoin’s consolidating but seems stuck below $100k for a while, potential bearish moves ahead.
If I recall right, the lowest Bitcoin went in November was $80k, not $86k. It even retested around $83k in early December.
Even if it hits $100k this month, it doesn’t guarantee a bull trend. With the current economic climate, any recovery feels more like a trap.
After a big drop, some people always pick up the dip and sell at resistance. Bitcoin rejecting that resistance is business as usual, but the key is whether we can touch that resistance again soon and start climbing back to $100k. Every dip counts.