Analyst: Bitcoin's rebound momentum weakens, may drop to $76,000

On January 8, according to Cointelegraph, Bitcoin, after rising close to $95,000, has fallen back to near the opening price of the year, and within the intraday trading timeframe, it could even drop below $90,000. Keith Alan, co-founder of the trading resource platform Material Indicators, stated: “Bitcoin’s first breakout attempt has been clearly rejected.” He previously warned this week that bearish forces are at play on higher timeframes. He pointed out that technical support levels to watch are concentrated between $87,500 and $89,000. Alan also said: “With a macro death cross appearing on the weekly chart later this month, I believe any rebound should be viewed as a ‘sell high event,’ unless there is evidence to suggest otherwise.” After trader Roman repeatedly warned of Bitcoin’s macro downside risk in 2025, he reiterated that the short-term target is $76,000, a level last seen in April of this year. Roman stated: “Currently around $89,000, the downside is still ongoing. I still believe $76,000 will come, and all this sideways movement is just to reach that level for a reset. I see no signs of reversal; the higher timeframes remain very bearish.”