Bitcoin / TetherUSShort
Daily Market Review and Analysis for BTC: January 8, 2025
#BTC (1D timeframe)
As suggested in yesterday's analysis, #Bitcoin continued its downward direction, removing the expected price level of $95,919.
It is now highly likely that the price will continue the downward direction further, reaching the long awaited fundamental level of $90,500, removing liquidity for sellers (SSL). That is, it means almost 5% cheapening of the price.
After reaching this level, two scenarios will emerge:
1) Price will start a local uptrend to reach the 50% gap on the 4-hour chart - $99,433 and then rush down again, but already to the price level of $88,722.
2) Price after liquidity removal of 90,500, will continue downtrend and take also liquid level at $88,722.
!!! The most negative but justified scenario would be for price to seek to reach the middle of the weekly gap at $85,000.
I remain in my opinion that for bitcoin to update its all-time high, the first cryptocurrency needs to take out the above liquidity levels at the bottom and I think that as the inauguration of the new US President Donald #Trump (20 January, 2025) approaches, by then the bearish scenario I described with a bottom at $85,000 will have worked out.
As suggested in yesterday's analysis, #Bitcoin continued its downward direction, removing the expected price level of $95,919.
It is now highly likely that the price will continue the downward direction further, reaching the long awaited fundamental level of $90,500, removing liquidity for sellers (SSL). That is, it means almost 5% cheapening of the price.
After reaching this level, two scenarios will emerge:
1) Price will start a local uptrend to reach the 50% gap on the 4-hour chart - $99,433 and then rush down again, but already to the price level of $88,722.
2) Price after liquidity removal of 90,500, will continue downtrend and take also liquid level at $88,722.
!!! The most negative but justified scenario would be for price to seek to reach the middle of the weekly gap at $85,000.
I remain in my opinion that for bitcoin to update its all-time high, the first cryptocurrency needs to take out the above liquidity levels at the bottom and I think that as the inauguration of the new US President Donald #Trump (20 January, 2025) approaches, by then the bearish scenario I described with a bottom at $85,000 will have worked out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.