Bitcoin (BTC) struggled to continue its rebound at Tuesday’s Wall Street open as attention focused on $95,000 sellers.
Key points:
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Bitcoin faces resistance as it approaches a large area of seller interest at $95,000.
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BTC price action begins to weaken versus risk assets and precious metals.
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Support on weekly time frames remains intact, with $93,500 a key focus for the weekly close.
“Choppy” BTC price action follows $95,000 test
Data from TradingView tracked a loss of BTC price momentum after BTC/USD hit $94,800 the day prior, its highest since Nov. 17.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView“Choppy price action starting to show up in market data especially here,” trader Skew wrote in part of his X analysis on the day.
Skew identified what he called a “passive seller” at $94,000, referring to an entity selling into price upside in a sustained manner.
“Longs realise the subtle cue around $94K the second time and bail from positioning only for late shorts to start positioning. Typically there’s a lot of decay on these days,” he wrote, including a chart of exchange order-book data.
BTC/USDT order-book data (Binance). Source: Skew/XCommentator account Exitpump flagged a wall of asks at $95,000 keeping price in check.
“Big boy sell wall at 95K on spot orderbooks, today is the day price either smashes through it or rejects from it,” Exitpump wrote.
BTC liquidation heatmap. Source: CoinGlassOn macro, the party continued, with US stocks heading higher and gold reaching $4,491 per ounce, fueled by developments in Venezuela. Silver retook the $80 mark.
In its latest “Asia Color” market update, trading company QCP Capital referenced crypto falling back in line to follow major asset classes.
“Crypto’s recent alignment with broader risk assets may signal a regime shift and the strengthening of bullish narratives to start the year, especially with the year-end tax loss harvesting shenanigans out of the way and a new crypto bill on the horizon,” it wrote.
Bitcoin nonetheless struggled against gold’s latest march higher on the day.
BTC/XAU one-hour chart. Source: Cointelegraph/TradingViewAnalyst: Bitcoin needs $93,500 weekly close
Adding optimism to the longer-term picture, trader and analyst Rekt Capital wrote that BTC/USD had protected the bottom of a key range on weekly timeframes.
Related: Bitcoin buying metric with average 109% gains flips positive at $88K
The pair now needed to close the coming weekly candle above range highs at $93,500, the 2025 yearly open level.
“It would confirm a breakout from the Range and also end the Weekly Downtrend dating to mid-October 2025 (note: this Downtrend isn’t the most important one but it’s nonetheless noteworthy given its mid-term significance),” he told X followers Monday.
BTC/USD one-week chart. Source: Rekt Capital/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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