The current market situation suggests that the Bitcoin rate is not threatened by a Christmas pump, but by a fall to $90,000 by the New Year.
After the BTC price dropped on December 17th reached historical maximum at $108,446 on the stock exchange Bitstamp , the coin fell sharply by 15%. Then the asset's value corrected, bouncing off the bottom in the $92,000 region, but the bulls failed to maintain the initiative in their hands.
A key resistance zone has formed in the range from $97,500 to $99,800 as owners of about 924 crypto wallets Bought 1,2 million bitcoins worth $117 billion at this price. Obviously, low trading volume will not allow buyers to break through this powerful barrier, and the BTC rate will rush down.
The cryptocurrency is currently hovering below the uptrend line that emerged in November. This barrier was broken on December 20, and the bulls failed to gain a foothold above it on Saturday. Accordingly, the bearish trend should continue until the coin falls to at least $90,000.
Probable change in Bitcoin exchange rate
The statistics of BTC issuers do not add optimism either. ETF . On Thursday, capital outflows from US bitcoin funds reached $680 million, and on Friday the negative trend continued, with derivatives losing $277 million. Before that, ETF recorded an inflow of funds for 15 days in a row, so it is clear that the market is very overheated and could do with cooling down.
