On January 8th, the value of Bitcoin (BTC) dipped beneath $96,000 due to a significant wave of selling, causing its price movement to reach a critical point or turning point.
BTC price losses mount with $88K “highly probable”
Information gathered from CryptoMoon Markets Pro and TradingView indicates that the BTC/USD pair experienced a decrease of approximately 1.7% in its value for the day.
These new U.S. macroeconomic worries caused additional losses that pushed the pair’s total loss beyond $5,000.
Market dominance was held by spot traders, as per the alert from the on-chain analytics platform CryptoQuant, indicating rising “stress” or demand on the global exchange Binance.
Today, the hourly Net Seller Volume on Binance showed a marked decrease, indicating a substantial rise in selling activity, as reported by contributor Darkfost in their Quicktake post.
“It reached a peak of -$325M, the highest value in 2025, during the release of the ISM PMI and JOLTs Job Openings data, which revealed unfavorable results for risky assets.”
Currently, well-known trader Skew identifies $95,000 as a critical short-term threshold in the near future, as Bitcoin’s price is just under $500 from that level at this moment.
According to his recent analysis on X, the bid liquidity has noticeably strengthened in the range between approximately $92,000 and $88,000 due to an uptick in demand.
“Spot flow is going to be vital the rest of this week & $95K will be pivotal.”
A separate graph indicated that there were pools of potential trading activity situated deeper within the Binance order book, suggesting that buyers were keen on prices around $88,000.
Given the upcoming events, Johnny, my trading partner, was among those predicting a drop towards that particular area.
He suggested to his audience that such an action is likely to happen within the next 2-3 weeks before the inauguration, which marks the beginning of President-Elect Donald Trump’s term in office.
Other individuals appeared more relaxed, as trader and analyst Josh Rager foresees a possible recovery by the week’s end.
“$BTC not overly concerned on today’s chop price action,” he concluded on Jan. 7.
“Could still see today close read and tomorrow but bounce by weekend as we’ve seen in this range.”
Demand backs Bitcoin bull case
Maintaining a hopeful outlook, CryptoQuant CEO Ki Young Ju shared insights suggesting robust demand despite the volatile pricing trends.
This week in his own discussion forum, Ki mentioned the Apparent Holding Strength indicator. This tool contrasts the quantity of mined Bitcoins with those that have been held for more than a year.
“Bitcoin apparent demand is back,” he summarized.
Previously, CryptoMoon shared that the selling pressure from cryptocurrency exchanges was decreasing significantly, which could minimize the intensity of sudden price drops.
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2025-01-08 10:35