- Bitcoin’s price dropped 6.05% to $94,661, with a $1.87T market cap.
- $700M liquidations occurred, driven by an oversold RSI at 33.77.
Bitcoin has dropped below $95,000, down 6.05% in 24 hours. The current price sits at $94,661.27, while the market cap has fallen to $1.87 trillion. Trading volume surged by 38.90% to $67.21 billion, reflecting heightened activity amid the selloff. Bitcoin’s market cap ratio remains at 3.52%, with a total supply of 19.8 million BTC in circulation.
Spot Bitcoin ETFs recorded inflows of $52.39 million on January 7. BlackRock’s IBIT led with $596 million in net inflows. The combined net asset value of all Bitcoin spot ETFs stands at $110.12 billion. Despite the selloff, institutional demand for ETFs indicates confidence in Bitcoin’s long-term potential.
Over $700 million was liquidated in the past 24 hours, intensifying the selloff. Traders remain cautious as Bitcoin’s hourly RSI hits its most oversold level since the $60,000 mark. This data suggests that bearish sentiment dominates the current market environment.
Will BTC Plunge Further?
Bitcoin faces significant resistance at $98,000. A breakout above this level could trigger a rally toward $100,000. On the downside, support lies at $92,000. Breaching this level might accelerate the decline to $90,000.
The 4-hour RSI (Relative Strength Index) stands at 33.77, suggesting oversold conditions. The RSI average of 57.42 confirms the bearish momentum. Chaikin Money Flow (CMF) at -0.14 reflects weak buying pressure in the market. These indicators highlight short-term selling dominance.
Moving averages also signal caution. The price recently crossed below the 50-period moving average, implying potential further downside. However, a bullish crossover between the 20-period and 50-period moving averages could shift momentum if it occurs.
Bitcoin’s trajectory depends on its ability to hold above key support levels. A recovery above $98,000 could restore confidence and attract new buyers. However, breaking below $92,000 may push prices lower. Investors should monitor ETF inflows and moving averages for future direction.
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