The Currency analytics
By Pankaj K
Bitcoin got hammered last week. The cryptocurrency closed near $86,588 after briefly hitting $98,000 just seven days earlier, leaving traders scrambling to figure out what comes…
Bears aren't done yet. They're pushing hard to break the $84,000 support level, hoping to drag prices down into the low $70,000 range where things could get really ugly.
If bears manage to close below $84,000, Bitcoin could drop fast to somewhere between $72,000 and $68,000.
Bulls face a mountain of resistance ahead. They need to reclaim $88,000 first, then push through $91,400 and $94,000 before even thinking about challenging that $98,000 peak again.
On January 26, analysts from Feral Analysis said bears keeping their momentum could send Bitcoin testing those lower support levels around $72,000.
But some traders aren't giving up hope just yet. Juan Galt, a crypto strategist, believes Bitcoin holding above $84,000 might attract fresh buying interest.
Institutional money got spooked too. On January 25, several hedge funds reportedly moved to hedge their positions, expecting more price drops ahead.
Galaxy Digital jumped into the conversation on January 27. Mike Novogratz, the company's CEO, said the short-term outlook looks grim but long-term investors might benefit from…
CoinDesk reported retail investors started looking at alternative cryptocurrencies as Bitcoin struggles.
Binance announced on January 26 it would temporarily adjust margin requirements for Bitcoin trading pairs, citing risks from current price volatility.
Technical indicators aren't painting a pretty picture either. Last week's price action ended the recent bounce, with Bitcoin falling below the 100-week simple moving average.
Glassnode reported on January 28 a surge in Bitcoin withdrawal activity from major exchanges.
Chainalysis dropped another bombshell on January 30. Their report showed Bitcoin's recent price movements have been heavily influenced by large transactions from just a few key…
Market sentiment hit rock bottom. The Crypto Fear & Greed Index plunged to its lowest level in months as of January 31.
The Federal Reserve's recent hawkish stance on interest rates has added fuel to Bitcoin's decline.