Bitcoin Dumps To $97,000 Ethereum, XRP, Dogecoin Follow Down: Analyst Says This Level Has To Hold To Avoid 'Dip To $92,000'
Bitcoin Dumps To $97,000, Ethereum, XRP, Dogecoin Follow It Down: Analyst Says This Level Has To Hold ToCryptocurrency markets are sliding on Tuesday as producer price pressures weigh on the market. CryptocurrencyPrice Gains +/-Bitcoin BTC/USD $97,073.3-4.7%Ethereum ETH/USD $3,431.99-6.9%Solana SOL/USD $205.16-6.4%XRP XRP/USD $2.30-5.5%Dogecoin DOGE/USD $0.3562-8.7%Shiba Inu SHIB/USD $0.00002217 -8.4%Notable Statistics: IntoTheBlock data shows large transaction volume increasing by 68.6% and daily active addresses falling by 0.01%. Transactions greater than $100,000 are up from 7,116 11,574 to in a single day. Exchanges netflows are up by 231.8%. Coinglass data reports 136,773 traders were liquidated in the past 24 hours for $409.57 million. Long liquidations at $344.6 million were the highest since Dec. 20. Notable Developments: Bitcoin Spot ETF Inflows Hit $987 Million But Watch This Mid-January Fiscal Deadline CFTC Chairman Rostin Behnam To Step Down In February Ripple Announces Chainlink Integration To Boost RLUSD Stablecoin CPAI Launches Token For AI-Powered Crypto Tax Reconciliation Platform Riot’s Crypto Mining Success Spurs Investor Interest With Defiance’s New ETF Top Losers: CryptocurrencyPrice Gains +/-SPX6900 SPX/USD$1.35-15%Pudgy Penguins PENGU/USD$0.03816-13.7%Core CORE/USD$1.12-13.2%Trader Notes: As Bitcoin drops below the $100,000 mark, crypto trader Michael van de Poppe notes that the ongoing BTC chop could signal a consolidation phase. He concluded, “Correction over? Expect a market-wide bounce, with the strongest altcoins bouncing back the most.” Crypto chart analyst Ali Martinez pointed out that the TD Sequential indicator is flashing a buy signal on the BTC hourly chart. If the $97,000 support holds, Bitcoin is likely to rebound. However, if it falls below this level, it could drop further to $92,000. The TD Sequential indicator flashes a buy signal on the #Bitcoin $BTC hourly chart, right above the setup trend line and the 200-hour MA, near $97,000. If this support holds, #BTC may rebound. A break below $97,000, however, could open the door for a dip to $92,000. pic.twitter.com/jevgNgKyEf— Ali (@ali_charts) January 7, 2025More Crypto Online suggests that traders should focus on potential support breaks, treating levels as key decision points rather than making predictions. A dip to $85,000 may be expected if support is lost, but aggressive trades should be avoided until a reversal signal confirms support. Castillo Trading advises that with Inauguration Day just two weeks away, patience is crucial. He recommends holding off on trades until a potential retest of the $93,527 level. Although higher levels are the target, the recent selloff suggests a possible chop and gradual fade following the $100,000 rejection. Read Next: Bitcoin Dumps Below $99,000: What Does Technical Analysis Say? Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.