Bitcoin Wobbles Around $100,000: What Is Technical Analysis Saying?
Bitcoin BTC/USD is struggling on Monday but cryptocurrency traders remain unfazed, betting on long-term bullish trends to outweigh short-term concerns. CryptocurrencyPrice 24-Hour Trend7-Day TrendBitcoin BTC/USD $101,168-3.7% -2.6% Ethereum ETH/USD $3,132-6.0% -6.5% XRP XRP/USD $2.99-4.5% -5.6% Trader Notes: Despite the current noise, Crypto trader Degen Hardy points out that Bitcoin is still within its typical range, similar to prior bull markets. He believes that the 4-year cycle indicates more time before reaching the top, and history shows that Bitcoin can drop by 30% before its next big upward move. Hardy remains confident, saying, "A dip to $70,000? Still a bullish outlook," and advises traders to stay calm, take profits and dollar-cost average the dip. Cold Blooded Shiller advises traders to focus on higher timeframes, as Bitcoin remains within its established range. He notes that Bitcoin is nearing $97,000 to $98,000, levels where significant interaction has occurred previously. While altcoins are facing the usual volatility, he believes this is simply part of the cycle. Shiller describes the current market as “choppy,” with a lot of back-and-forth action, which could be the setup for the next big move. Statistics: Coinglass data shows liquidations across the market reached $311.9 million, with $282.5 million of that in long positions. Over 344,000 traders were liquidated in a 24-hour period, bringing the total liquidation amount to nearly $1 billion. Industry expert Axel Adel Jr noted that the market contraction was fueled by low activity and lack of bullish news, with short-sellers taking advantage of liquidations. Over the weekend, there was no market activity, and the market significantly contracted. There were no bullish positive news, while there are always enough bears eager to short. As a result, a few long liquidations dropped the market. pic.twitter.com/kDVnNpxpxk— Axel 💎🙌 Adler Jr (@AxelAdlerJr) January 27, 2025 Read Next: Bitcoin, Ethereum, Dogecoin To Thrive In Q1, Prominent Trader Says Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.