The post Bitcoin Price Loses $10K in 2 Days After Dropping Below $92K: Where Is the Bottom? appeared on BitcoinEthereumNews.com.

It has taken just over 48 hours for the primary cryptocurrency to erase all gains registered since the start of the year and dumped below $92,000. The altcoins have also been suffering a lot lately, which begs the question (again) of whether this bull market has been halted. BTCUSD. Source: TradingView Ever since the all-time high registered on December 17 at over $108,000, the primary cryptocurrency has been on a predominantly bearish trajectory that drove it to $91,300 last Monday, which became a monthly low. It managed to bounce off in the following days and even spiked above $100,000 earlier this week, but that was short-lived as the overall market sentiment remains unfavorable. The rejection at $100,000 pushed the asset south hard, losing several grand in the past few days. Earlier today, bitcoin dumped below $92,000 for the first time this year, thus erasing more than $10,000 since the Tuesday peak. Crypto analyst Ali Martinez warned that BTC had breached to the downside the $92,500 support level, which spells troubles for the asset. In fact, he argued that bitcoin could plunge below $90,000 and even beneath $80,000 in the next several weeks. The $92,500 support broke, you know where next! https://t.co/8qo7ulq4mJ — Ali (@ali_charts) January 9, 2025 Others were more bullish, indicating that BTC had yet to reach its peak during this cycle. Mags told their 101,000 followers on X that bitcoin is still consolidating and is now retesting the local bottom, which is actually a buying opportunity for the next leg up. #Bitcoin – Don’t miss the bottom again! BTC has entered the 6th range of this cycle. Since the $15.5k bottom, every leg up has been followed by a consolidation range. Each range = sideways price action, fakeouts (both sides), then a breakout. We’re now in the 6th…

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Filed under: News - @ January 9, 2025 5:25 pm