Analysis: BTC Loses 4-Hour Line Support, Monthly Open Around $87,600 USD Eyed as Potential Target Price

BlockBeats News, January 8th, Cryptocurrency analyst Lennaert Snyder stated that the BTC price has dropped to around $91,000, also breaking below the $92,155 support level on the 4-hour chart, confirming the downtrend. The analyst himself mentioned that he is looking for a shorting opportunity, with the ultimate target price around $87,600 (setting 2 take-profit points during the process of reaching the low point).

Furthermore, there is support around $90,500 for the BTC price. If there is a strong bounce and reversal near this level, short positions will be closed. If BTC successfully breaks above around $96,500, the bias will shift to bullish.