Bitcoin Price Analysis
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Bitcoin’s price recently dipped below $86,000 for the first time since November, influenced by the Bybit hack, SEC actions, and macroeconomic factors. Prior to this drop, BTC traded between $91,000 and $102,000 for weeks, peaking at around $109,000last month.
Bitfinex analysts noted that bitcoin is at a critical juncture after nearly 90 days of consolidation. They suggested that its next major movement could be influenced by macroeconomic trends.
Compass Point analysts Ed Engel and Joe Flynn commented on the recent drop, emphasizing that BTC broke the $92,000 support level, which was the cost basis for many holders. They pointed out that accelerated selling is occurring as short-term holders face unrealized losses. They identified $86,000 as the last defense before a significant trading vacuum between $77,000 and $86,000.
As of 2 PM ET, BTC was trading at approximately $86,950, reflecting a 5% drop in the past 24 hours, 9% down from a week ago, and a 17% decline over the past month.
Trading volumes are near year-to-date lows, slightly above pre-election levels, according to Engel and Flynn.
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