Bitcoin's price drops to $93,224 with bids at $90,000, recovery to $100,000 depends on $96,000.

From Investing.com

January 9, 2025 11:00 AM:

Bitcoin’s recent decline to $93,224 raises questions about market bottom. Bids at $90,000 moved to $93,000 during sell-off, with additional bids near $92,000. Passive sellers pushed price down as buyers show demand at these levels. Recovery to $100,000 hinges on reclaiming $96,000. Next few hours crucial to assess strength of demand.

Technical analysis shows $92,000 as short-term support, with 100 EMA at $87,000. Maintaining $92,000-$93,000 range could signal recovery, while breaking support levels may lead to significant correction. Traders advised to monitor bid levels and volume for clearer market direction. Caution urged despite potential signs of optimism.

Read more at Investing.com: Did Bitcoin (BTC) Finally Reach Bottom? By U.Today