{"id":52348,"date":"2025-01-14T01:15:00","date_gmt":"2025-01-14T01:15:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/can-bitcoin-crash-69k-btc-price-levels-2-month-lows"},"modified":"2025-01-14T04:15:55","modified_gmt":"2025-01-14T04:15:55","slug":"can-bitcoin-crash-to-69k-watch-these-btc-price-levels-at-2-month-lows","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52348","title":{"rendered":"Can Bitcoin crash to $69K? Watch these BTC price levels at 2-month lows"},"content":{"rendered":"

Bitcoin (BTC) headed for two-month lows at the Jan. 13 Wall Street open as US dollar strength punished crypto.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

BTC price violates $90,000 after two months above<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dropping below $90,000 for the first time since mid-November.<\/p>\n

Long anticipated by market observers, the move took daily losses to nearly 5% and liquidated more than half a billion dollars of crypto long positions, per data from monitoring resource CoinGlass.<\/p>\n

\"\"
Total crypto liquidations (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

A combination of market nervousness and surging US dollar strength ahead of the inauguration of US President-elect Donald Trump fueled a sell-off across risk assets.<\/p>\n

The S&P 500 and Nasdaq Composite Index opened down 0.8% and 1.6%, respectively.<\/p>\n

Reacting, some doubled down on bearish BTC price targets. For Keith Alan, co-founder of trading resource Material Indicators, these extended as far down as the old 2021 all-time highs around $69,000.<\/p>\n

\u201cBTC has strong technical support around $86k where the bottom of the most recent consolidation channel has confluence with the 100-Day MA,\u201d he wrote in part of a post on X, referring to the 100-day simple moving average.<\/p>\n

\u201cSecondary support is at the prior (brief) consolidation at ~$76k, but the strongest support is at the R\/S Flip line at $69k which was the 2021 Top.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD 1-day chart. Source: <\/em>Keith Alan<\/em><\/p>\n<\/figcaption><\/figure>\n

Alan was responding to a renewed warning from the day prior by veteran trader Peter Brandt over BTC\/USD printing a bearish head-and-shoulders reversal pattern.<\/p>\n

\u201cWill Team Green or Team Red win the battle of the gashes?\u201d he asked in a follow-up post as the losses accelerated.<\/p>\n

\"\"
BTC\/USD 1-day chart. Source: <\/em>Peter Brandt<\/em><\/p>\n<\/figcaption><\/figure>\n

More optimistic takes pointed to factors including the lowest funding rates since August, when crypto was reacting to the unraveling of the Japanese yen carry trade.<\/p>\n

In addition to this, popular trader Daan Crypto Trades highlighted what he implied were uncanny similarities between current BTC price action and that from January 2024.<\/p>\n

\u201c$BTC Are we living in a simulation?\u201d he summarized alongside a comparative chart.<\/p>\n

\"\"
BTC\/USDT comparison. Source: <\/em>Daan Crypto Trades<\/em><\/p>\n<\/figcaption><\/figure>\n

Bitcoin, crypto \u201cinflation hedge\u201d in focus<\/h2>\n

Trading firm QCP Capital paid attention to upcoming US macroeconomic data prints that could potentially add further volatility to the mix.<\/p>\n

Related: <\/strong><\/em>Strongest US dollar since 2022 bear market: 5 things to know in Bitcoin this week<\/strong><\/em><\/p>\n

As Cointelegraph reported, inflation has become a fresh headache for both risk-asset traders and the Federal Reserve, while the latest employment data in the form of the December nonfarm payrolls (NFP) print helped cement the case for keeping interest rates \u201chigher for longer.\u201d<\/p>\n

\u201cIs inflation back? The US economy is certainly showing signs of overheating with Friday\u2019s scorching NFP print of 256k, obliterating the forecasted 164k,\u201d QCP told Telegram channel subscribers on the day.<\/p>\n

\u201cAfter last week’s macro data, rumors of any imminent rate cuts have gone up in smoke as equities have tumbled lower. Potential Trump-era tariffs have also ignited more inflation fears.\u201d<\/p><\/blockquote>\n

\"\"
Fed target rate probabilities. Source: <\/em>CME Group FedWatch Tool<\/em><\/p>\n<\/figcaption><\/figure>\n

The firm added that any further macro surprises \u201ccould be a real test for crypto to step up as an inflation hedge.\u201d<\/p>\n

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.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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Bitcoin (BTC) headed for two-month lows at the Jan. 13 Wall Street open as US dollar strength punished crypto. BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView BTC price violates $90,000 after two months above Data from Cointelegraph … Can Bitcoin crash to $69K? Watch these BTC price levels at 2-month lows<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52349,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nCan Bitcoin crash to $69K? 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