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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

What’s Next For Bitcoin After Its Latest Drop Below $100,000?

Samuel Edyme
Samuel Edyme
7 months ago
3 mins read
What’s Next for Bitcoin After Its Latest Drop Below $100K?

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Following a sharp decline and a brief recovery to key levels yesterday, Bitcoin’s rebound now appears short-lived. Earlier today, BTC again fell below the $100,000 mark. Currently, Bitcoin is trading just above $99,000.

This rollercoaster performance from the asset has raised questions about whether it has entered a prolonged consolidation phase or if further declines are ahead.

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7 months ago

Support Levels: What’s Next For Bitcoin?

Amid this price movement from BTC, CryptoQuant analyst ShayanBTC provided insight into the driving forces behind the market’s recent downturn and what is next for BTC. According to Shayan, global trade tensions—particularly those involving the US, Canada, and China—acted as a catalyst for the sharp sell-off.

Bitcoin experienced an 11% drop before managing to stabilize around the $90,000 level. Futures markets were hit hard, with $500 million in long positions liquidated, resulting in what is known as a “long squeeze.”

Bitcoin long liquidations on all exchanges
Bitcoin long liquidations on all exchanges. | Source: CryptoQuant

This cascade of liquidations amplified short-term volatility but also revealed a strong support level at $90,000. Shayan mentioned that the $90,000 level has emerged as a key area to watch, suggesting that it could serve as a floor for Bitcoin’s current price correction.

Shayan also pointed out that the recent price action has led to a reduction in speculative positions and a cooling of trading activity. This, in turn, may create an environment conducive to a new wave of demand.

If buyers step in at this critical support, Bitcoin’s consolidation phase could evolve into a foundation for future bullish moves. The analyst particularly wrote:

In essence, while the sweeping market wipeout has injected a sense of caution and cooled down trading activity, it also appears to be clearing the way for new demand to enter the market. If buyers step in at critical support levels, the current consolidation phase may set the stage for a fresh wave of bullish momentum.

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7 months ago

Analyst Highlights Bitcoin’s Largest Capitulation

Adding to the discussion, another analyst known as caueconomy highlighted the significance of the latest capitulation wave. The data shared by caueconomy revealed that the realized on-chain losses for BTC reached $1.31 billion, marking the largest capitulation since August 2024.

US trade war causes largest capitulation since August 2024

“Capitulation usually signals the exhaustion of the on-chain selling force, and although we cannot say that bitcoin will not fall in the short term, it is possible that the next drops will be limited.” – By @caueconomy… pic.twitter.com/qXgljYkU5Q

— CryptoQuant.com (@cryptoquant_com) February 4, 2025

Such events often signal that sellers are exhausted, reducing downward pressure and paving the way for price stabilization. While caueconomy acknowledged that short-term declines cannot be ruled out, the analysis emphasized that Bitcoin’s sensitivity to macroeconomic conditions remains a crucial factor. caueconomy noted:

It is worth remembering that the current price is highly sensitive to macroeconomic factors, which can affect this on-chain structure.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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