Bitcoin (BTC) Testing Key Support Level After Sudden Drop

Bitcoin Faces Correction, Retests Key Support Levels

Bitcoin, the preeminent cryptocurrency, has dipped to an intraday low of $93,054. According to Andrew Thrasher of The Financial Enhancement Group, Bitcoin is currently testing its 50-day moving average.

Cryptocurrency analyst David Vallieres suggests that Bitcoin may revisit its breakout point of $73,600 if it falls below $92,600. "The odds of that are around 40%," Vallieres commented on social media.

Bitcoin has declined 2.7% in the last 24 hours and nearly 13% in the past week.

Alternative cryptocurrencies have also experienced losses. XRP has fallen 4%, dropping to fourth place in market capitalization at $122.7 billion. Dogecoin and Cardano have depreciated 2.5% and 2.2%, respectively.

Despite MicroStrategy's latest Bitcoin purchase announcement, the cryptocurrency's price has failed to gain significant traction.

On December 17, Bitcoin reached a record high of $108,135. However, its momentum waned after the Federal Reserve hinted at fewer interest rate cuts in 2025 than previously anticipated. Bitcoin has retreated 14.1% since its peak.

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