Bitcoin falls to $93,000 as it looks to re-test Friday’s low

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 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.

This article was written by Adam Button at www.forexlive.com.