Bitcoin's price has fallen below $94,000 as of December 29, 2024, marking a sharp decline from its $108,000 all-time high achieved just weeks earlier. Over the past 24 hours, Bitcoin has slipped by 1.29% and is down 2.67% for the week, according to CoinMarketCap data. The cryptocurrency now trades within the $92,000–$99,000 range, significantly under its 20-day exponential moving average (EMA) but holding above the 200-day EMA since October. With a Relative Strength Index (RSI) of 42, Bitcoin is neither overbought nor oversold, signaling a precarious balance in market sentiment.

Market indicators suggest bearish momentum may strengthen. The Bitcoin Taker-Buy-Sell-Ratio, currently at 0.92, signals bearish control whenever it dips below 1. Analysts like "The ForexX Mindset" warn of a possible plunge to $81,500, citing rising Tether (USDT) dominance as a sign of risk-off sentiment among investors. Technical expert Aksel Kibar supports this caution, highlighting a head-and-shoulders pattern that could trigger a further correction toward $80,000.

Despite these warning signs, BTC perpetual futures funding rates remain positive, suggesting long traders maintain some market influence. This tug-of-war between bullish long traders and bearish market signals has created a volatile environment.

The outlook for Bitcoin remains uncertain, heavily tied to upcoming regulatory policies under the Trump administration and Federal Reserve decisions in 2025. Crypto mining firm Blockware forecasts Bitcoin could soar to $150,000–$400,000 next year, adding to the speculation. As Bitcoin balances on critical support levels, the market awaits decisive moves that could shape its trajectory in the months ahead.