As of January 10, 2025, Bitcoin (BTC) is trading at approximately $93,513, reflecting a slight decline of about 0.72% over the past 24 hours.
Recent analyses suggest that Bitcoin is undergoing a corrective phase after reaching an all-time high of $108,364 on December 17, 2024. This correction is characterized by an ABC pattern, with potential support levels identified at $85,200 and $79,965, corresponding to the 0.382 and 0.5 Fibonacci retracement levels, respectively. The daily Relative Strength Index (RSI) remains neutral, indicating room for further correction without entering oversold territory.
Analysts emphasize the importance of key support levels at $87,000 and $77,000, cautioning that failure to maintain these levels could lead to further declines. Conversely, a breakout above $102,709 would confirm the start of a new bullish wave, potentially targeting new highs near $120,000 based on Fibonacci extensions.
Market sentiment has been influenced by expectations of a crypto-friendly regulatory environment under U.S. President Donald Trump. Analysts suggest that if pro-crypto policies are implemented, such as creating a strategic Bitcoin reserve, Bitcoin's price could experience significant upward momentum, potentially surpassing $125,000.
In summary, while Bitcoin is currently experiencing a corrective phase, the broader bullish narrative remains intact, with key support levels being closely monitored. The implementation of favorable regulatory policies could further bolster Bitcoin's price in the near future.