Analyst: Bitcoin Bounce Momentum Weakening, Could Fall to $76,000

BlockBeats News, January 8th, according to Cointelegraph, after rising to nearly $95,000, Bitcoin fell back to near the year's opening price, with the possibility of dropping below $90,000 within the intraday time frame.

Keith Alan, co-founder of trading resource platform Material Indicators, said, "Bitcoin's initial breakout attempt has been explicitly rejected." Earlier this week, he warned that bearish forces on higher time frames were at play. He pointed out that the focus of technical support was concentrated in the $87,500 to $89,000 range.

Alan also stated, "With a macro death cross appearing on the weekly chart later this month, I believe any upcoming rebounds should be seen as a 'sell-the-rally' event unless evidence emerges to the contrary."

Trader Roman, after warning multiple times about Bitcoin's macro downside risk in 2025, reiterated a short-term target of $76,000, a price level last seen in April of this year. Roman said, "Currently around $89,000, the downside continues. I still believe $76,000 is coming, all this consolidation is just resetting for that level. I haven't seen any signs of a reversal, the higher time frames are still very bearish."