Bitcoin, after experiencing a festive rally, is seeing a decline as investors are locking in profits, applying pressure on its price.
The leading cryptocurrency might drop below the critical $90,000 mark due to diminishing buying activity, evidenced by its move under the Leading Span A of the Ichimoku Cloud indicator. This indicates weaker momentum and a potential bearish trend.
The negative Chaikin Money Flow (CMF) further confirms the reduced demand for Bitcoin, signaling stronger selling pressure and potential price declines.
The next significant support at $91,488 may not hold if demand weakens, possibly pushing Bitcoin below $90,000, its lowest since November.
If buying interest revives, Bitcoin might surge past the $97,675 resistance, targeting an all-time high of over $108,000.
