The price of Bitcoin has fallen below the $94,000 mark as of December 29, declining from its all-time high of approximately $108,000 on December 17, 2024. CoinMarketCap reports that Bitcoin’s value has decreased by about 1.29% in the last 24 hours and 2.67% over the past week. Currently trading below its 20-day exponential moving average (EMA) and nearing its 50-day EMA, Bitcoin’s price is consolidating between $92,000 and $99,000 following a historic bull rally in November and December.
Despite this downturn, Bitcoin remains above the critical 200-day EMA support level, which it has maintained since October 2024. Its Relative Strength Index (RSI) stands at 42, suggesting the asset is not in overbought or oversold territory.
The Taker-Buy-Sell-Ratio for Bitcoin, a gauge of market sentiment, has dropped to 0.92, indicating bearish control. This decrease, coupled with an increase in USDT dominance, suggests investors are seeking safer assets. Analyst warnings predict a possible market downturn, forecasting Bitcoin prices could fall to around $81,500.
While signs point towards bearish pressures, positive funding rates for Bitcoin perpetual futures indicate that long position traders still hold market influence, willing to pay to maintain positions.
The long-term trajectory of Bitcoin is closely tied to the upcoming regulatory approach of the Trump administration and the Federal Reserve’s monetary policies in 2025. Predictions for Bitcoin’s price vary significantly, with some crypto mining entities suggesting a potential range between $150,000 and $400,000 for the upcoming year.
