News

On 23 December, it was reported that the price of Bitcoin has continued to fall, dropping below the $94,000 mark. Although it reached a high of $99,500 over the weekend, it has since come under selling pressure and has retreated 15 percent from last week's record high. A number of trading analysts are cautious about the near-term trend. According to analyst Bitcoindata21, the volume-weighted average price (VWAP) support to resistance is underperforming, and it is expected that Bitcoin may pull back to $92,000, with the $85,000-$86,000 range becoming a ‘bottoming area’ for the bulls. According to CrypNuevo, the market is unlikely to see a V-shaped reversal and may retest the psychological support level of $90,000. Trader Jelle said that the current bitcoin price trend is similar to the end of 2023, and we can not rule out the possibility of falling below $ 90,000 this week, but we expect to return to the uptrend in 2025. From a macro perspective, market sentiment is cautious after the Federal Reserve released a hawkish policy statement last week, and the market expects only an 8.6 per cent probability of a rate cut at the next FOMC meeting, according to CME Group data. Analysts The Kobeissi Letter warned that the rebound in inflation could affect the process of the Fed's shift to accommodative policy. Other analyses point out that the tightening of global liquidity could have a negative impact on the performance of the bitcoin and cryptocurrency markets.