Bitcoin is struggling today and threatening a re-test of Friday’s spike low of $92,115.
A break of that level would crack something of a double bottom and could clear the way for a deeper retracement, particularly if $90,000 also gives way.
Bitcoin daily
Bitcoin has declined by nearly 14% since hitting a record of $108,379 on December 17. The battle for $100K looked like it was one at the peak but the sellers have been in charge since the FOMC took a more-hawkish approach.
I would be worried about profit-taking after the turn of the year due to tax reasons but there could be a front-run of that ongoing. In the big bitcoin rally of 2018 there was a long decline that started with January selling. In January 2024, (despite a strong 2023) there was decent buying in the first half of January before it gave it all up in the second half of the month.
