Bitcoin’s price remains under pressure as it trades within a critical range heading into the new year. After dipping to $91,500 on December 30, Bitcoin bulls are making an effort to keep the price above $94,000, a level that analysts see as pivotal for maintaining its current trading range.Key InsightsHead-and-Shoulders PatternBitcoin’s price action is at risk of confirming a head-and-shoulders pattern on the daily chart, which could push the price to a downside target of $80,000 to $76,000. Analysts emphasize that holding $94,000 is crucial to negate this bearish pattern.Liquidity VoidCrypto trader Skew describes Bitcoin as being “stuck in a void between liquidity,” with intra-day rallies capped at $96,250 by sellers. The trading range between $92,000 to $100,000 continues to define BTC’s price movement.Futures-Driven ActivityData from TRDR.io indicates that the recent uptick to $96,250 was primarily driven by futures trading, while spot markets remain dominated by selling pressure. However, perpetual futures markets show increased buying activity at the $91,000 to $93,000 range, hinting at margin longs accumulating.Analyst PerspectivesAksel Kibar, Chartered Market Technician:“$100K is the pattern negation level. Head-and-shoulders failure will be confirmed with a breakout above $100K.”Skew, Crypto Trader:“Watch bid and ask liquidity imbalances as they might drive movements in the coming days.”Outlook for 2025Bitcoin’s performance in early January will likely hinge on whether it can maintain support between $94,000 and $94,500. A successful defense of this level could enable a rally toward $98,800, the next major resistance block. However, failure to hold these critical support levels may result in a deeper correction to the $90,000 region or lower.Traders are advised to closely monitor liquidity imbalances and spot market activity for signs of directional shifts as Bitcoin navigates this pivotal period, according to Cointelegraph.
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