Bitcoin Crash Incoming? BTC Price May Drop to $75K
Bitcoin (BTC) is facing mounting pressure after closing last week below the critical $95K support level. The flagship cryptocurrency shed over 5% and is trading around $94,146 as of Monday morning, raising fears of further sell-offs.
Concerns Over a Crypto Sell-Off
The re-election of U.S. President Donald Trump initially fueled optimism in the crypto market, but traders now fear a “sell-the-news” scenario ahead of the inauguration. Bitcoin’s Fear and Greed Index signals rising greed, while trading volumes have sunk to pre-November 2024 election levels.
Santiment data shows an increase in Bitcoin supply on centralized exchanges (CEXes) by 2,729 BTC ($256 million), adding to bearish sentiment.
Technical Analysis -
Bitcoin’s daily chart suggests a potential head-and-shoulders (H&S) pattern, with bearish divergence on the Relative Strength Index (RSI). Popular trader Peter Brandt predicts a correction toward $77.5K–$75K, though he notes a breakout above $108K would indicate a bullish trend reversal.
As uncertainty grows, traders are closely watching for further market moves.