BEARS ATTACK BITCOIN AT THE DAILY CLOSE AS BTC PRICE SLIPS BELOW $6,666

The cryptocurrency market experienced a jolt today as Bitcoin (BTC) faced a significant downturn, with bears seizing control at the daily close and pushing the price below the critical $6,666 mark.This sudden dip follows a period of relative stability, where Bitcoin traded between $6,780 and $6,680 for much of the day.However, the late-day sell-off resulted in a two-week low of $6,468, leaving investors wondering if this is a temporary correction or the start of a more prolonged bearish trend.This article will delve into the factors contributing to this recent price decline, analyze key technical indicators, and explore what traders and investors can expect in the coming days.Has the king of crypto lost its crown or is this just a temporary setback?We'll break down the technicals and market sentiment to help you navigate these uncertain waters, ensuring you're well-informed and ready to adapt to whatever the market throws your way.

Understanding the Bitcoin Price Drop: Technical Analysis

Several technical indicators point towards a potential loss of momentum for Bitcoin. The price of Bitcoin dipped below the $94,000 price level on Dec. 29, down from an all-time high of about $108,000 recorded on Dec. 17, 2025. According to data from CoinMarketCap, Bitcoin (BTCAccording to a recent post on X by Shaco AI, BTC is currently hovering below key short-term moving averages, suggesting a potential shift in market sentiment. Over the past 60 minutes, bitcoin's price has oscillated narrowly between $94,853 and $95,202, reflecting subdued trading activity.Let's examine the specifics:

• Short-Term Moving Averages: BTC is trading below both the 25-hour Simple Moving Average (SMA) and the 50-hour SMA, indicating bearish pressure in the short term.This suggests that the immediate trend is downward, and traders should be cautious.
• Bearish Engulfing Candlestick: Bitcoin is in the process of forming a bearish engulfing candlestick pattern.This pattern typically signals the start of a downtrend, especially when it closes above a previous support level.
• Three Pushes to a High: The daily chart shows a bearish ""Three Pushes to a High"" pattern according to Bollinger Bands analysis.This pattern often precedes a significant price decline.

A breakdown below the $102,900 support level could potentially shift the high-timeframe market structure to bearish, according to some analysts.This suggests that a sustained move below this level could trigger a larger sell-off.

The Ichimoku Cloud and Potential ""Death Cross""

Further reinforcing the bearish outlook is the Ichimoku Cloud, which also indicates weakness.Bitcoin is trading below key support levels, and the threat of another ""death cross"" looms unless bulls can reclaim momentum above resistance.A death cross occurs when a shorter-term moving average crosses below a longer-term moving average, often signaling a significant bearish trend.

Analyzing Market Sentiment and Trading Activity

While technical indicators paint a somewhat gloomy picture, it's also crucial to consider the overall market sentiment and recent trading activity. Today, on Dec. 9, the BTC price reached a low of $98,131, a drop of 5.60% since the all-time high. Despite the present euphoria surrounding it, Bitcoin is in the process of creating a bearish engulfing candlestick and closing above the previous support.While implied volatility is low, this doesn't necessarily mean smooth sailing. Bitcoin price analysis shows a bearish at the moment, with a 3.00 percent decrease. The bears have taken the lead as the BTC dropped to $29,379 over 24 hours. Support for BTC/USD is at $29,376, which is a crucial level to watch.It could just mean the market is coiled, ready for a bigger move.

• Reduced Volatility: Bitcoin's 30-day implied volatility has fallen to an 11-month low, suggesting reduced expectations for price movement. Crypto traders are buying bitcoin (BTC) on Kraken, one of the 10 biggest cryptocurrency exchanges, as the price slides to a three-month low, Alexia Theodorou, head of derivatives told CoinDeskHowever, this can sometimes be a precursor to a significant breakout or breakdown.
• Whale Activity: Bitcoin whale count rebounded, suggesting strong decline, implying that larger holders are still active in the market. Within the last 24-hours Bitcoin price dropped to a two week low at $6,468. The mild correction came right at the daily close and although the price traded most of the day between $6,780-$6,680This can be both a positive and negative sign, depending on their trading behavior.If whales are selling, it could exacerbate the downward pressure.
• ""Buy the Dip"" Mentality: Despite the recent price drop below $90,000 (in a previous instance referenced in the research), Kraken reported a surge in traders opening long positions, indicating a ""buy the dip"" mentality. Gr fico de pre os di rios do Bitcoin. Fonte: Coin360. Como o pre o do Bitcoin caiu 3,68%, as altcoins seguiram com perdas semelhantes. O Ether corrigiu 4,29%, o Bitcoin Cash caiu 4,82% e o Binance Coin caiu 6,77%. O valor total do mercado de criptomoedas agora de US$ 190 bilh es e a taxa de dom nio do Bitcoin de 64,2%.This suggests that some traders believe the current dip is a temporary setback and that Bitcoin will eventually recover.

The long-short ratio on Kraken has improved, indicating that more traders are taking long positions relative to short positions. Bears Attack Bitcoin at the Daily Close as BTC Price Slips Below $6,666However, it's essential to note that a contrarian indicator can mean the opposite of what is implied, especially in a volatile market.

Examining Altcoin Performance and Market Dominance

The recent Bitcoin price decline has also impacted the broader cryptocurrency market. The daily chart shows a bearish Three Pushes to a High pattern according to Bollinger Bands analysis. A breakdown below the $102,900 support could shift the high-timeframe market structure to bearish. Bitcoin s 30-day implied volatility has fallen to an 11-month low, signaling reduced price movement expectations.As Bitcoin fell, many altcoins followed suit, experiencing similar losses. Bitcoin (BTC) price trades below $98,000 on Friday after declining more than 6% this week. Ripple price retests the $2.21 daily support level; a firm close below would continue the ongoingHere's a snapshot of the recent performance of some major cryptocurrencies:

• Ether (ETH): Corrected by 4.29%.
• Bitcoin Cash (BCH): Dropped by 4.82%.
• Binance Coin (BNB): Fell by 6.77%.

The total value of the cryptocurrency market is currently around $190 billion, with Bitcoin's dominance rate at 64.2%. Bitcoin was down 0.1% over the past 24 hours to $65,474. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price hasA higher dominance rate suggests that Bitcoin is performing relatively better than altcoins during market downturns, often considered a safe haven.However, it also highlights the interconnectedness of the crypto market, where Bitcoin's movements significantly influence the performance of other digital assets.

Key Price Levels and Potential Scenarios

Identifying key price levels is crucial for understanding potential support and resistance areas. Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone. The price is trading below $104,000 and the 100 hourly Simple moving average.Based on the available data, here are some important levels to watch:

• Support Levels: The $6,468 level represents a recent two-week low and a potential support area.A break below this level could trigger further downside movement. Within the last 24-hours Bitcoin price dropped to a two week low at $6,468.[BREAK] The mild correction came right at the daily close and although the price traded most of the day between $6,780-$6,680, the downside move should be no surprise as a pattern of daily lower lows has been in play since April 10.Crypto market daily performance.[BREAK] All humor aside, traders have been expecting aAdditional support may be found around $6,000 or lower.
• Resistance Levels: The $6,703 and $6,816 levels are identified as the toughest hurdles for Bitcoin to overcome in the short term. Bears Attack Bitcoin at the Daily Close as BTC Price Slips Below $6,666. Bitcoin Price Analysis: BTC/USD toughest hurdles lie at $6,703 and $6,816 ConfluenceIf Bitcoin can break above these levels, it could signal a potential reversal of the bearish trend.
• Neckline: If Bitcoin breaks below a specific neckline (unspecified in the immediate context, but referenced in snippets), it could confirm a pattern leading to a measured move down toward $77,509, which coincides with the CME gap.

Based on these levels, here are two potential scenarios:

1. Bearish Scenario: If Bitcoin fails to hold the $6,468 support level and breaks below it, we could see a further decline towards $6,000 or even lower. Bitcoin took a tumble on Tuesday, hitting a low of $61,455 per coin after peaking at $65,103 just three days prior.In this scenario, traders should be prepared for continued downward pressure and consider adjusting their positions accordingly.
2. Bullish Scenario: If Bitcoin can successfully defend the $6,468 support level and break above the $6,703 and $6,816 resistance levels, it could signal a potential reversal of the bearish trend. According to a recent post on X by Shaco AI, Bitcoin (BTC) is showing a bit of stage fright as it hovers just below key short-term moving averages, signaling a potential loss of momentum. At the time of writing, BTC is trading at $94,383, beneath both the 25-hour Simple Moving Average (SMA) at $95,192 and the 50-hour SMA at $95,675.In this scenario, traders may consider adding to their positions or entering new long positions.

Long-Term Perspective and Market Fundamentals

While short-term price movements can be volatile and unpredictable, it's crucial to maintain a long-term perspective and consider the underlying fundamentals of Bitcoin. Summary. Bitcoin has broken key support levels due to worsening liquidity conditions, raising questions about the continuation of the bull market.Bitcoin's long-term value proposition remains intact, including its decentralized nature, limited supply, and increasing adoption by institutions and individuals.Here are some key factors to consider:

• Decentralization: Bitcoin remains a decentralized cryptocurrency, free from the control of governments or central banks. Bitcoin's price over the past sixty minutes ranged from $96,485 to $97,286, with a market capitalization of $1.92 trillion.This makes it an attractive alternative to traditional financial systems.
• Limited Supply: The limited supply of 21 million Bitcoins makes it a scarce asset, potentially increasing its value over time.
• Increasing Adoption: Bitcoin is increasingly being adopted by institutions and individuals as a store of value and a medium of exchange.

The long-term outlook for Bitcoin remains positive, despite short-term price fluctuations.While it's important to be aware of potential risks and challenges, the underlying fundamentals of Bitcoin suggest that it has the potential to continue to grow in value over time. Bitcoin Traders 'Buy the Dip' as BTC Price Slips Below $88K, Kraken Says Despite bitcoin's price dropping below $90K, Kraken has seen a surge in traders opening long positions on its BTCThe ""buy the dip"" strategy employed by some traders is predicated on this long-term belief.

Strategies for Navigating the Bitcoin Market

Given the current market conditions, here are some strategies that traders and investors can consider:

• Manage Risk: Implement proper risk management techniques, such as setting stop-loss orders and diversifying your portfolio.This can help protect your capital during volatile market conditions.
• Stay Informed: Stay up-to-date on the latest news and developments in the cryptocurrency market.This can help you make informed trading decisions.
• Use Technical Analysis: Use technical analysis tools to identify potential support and resistance levels, as well as potential trading opportunities.
• Consider Dollar-Cost Averaging: Consider using a dollar-cost averaging strategy to gradually build your position in Bitcoin over time.This can help reduce the impact of short-term price fluctuations.
• Be Patient: Remember that investing in Bitcoin is a long-term game.Be patient and avoid making impulsive decisions based on short-term price movements.

FAQ: Addressing Common Questions About Bitcoin

Is this the end of the Bitcoin bull market?

It's impossible to predict the future with certainty. At the time of writing, Bitcoin s price stands at $83,403, sitting just below the crucial $85,000 resistance. Earlier this week, Bitcoin surged to $88,500 but experienced a decline after Trump s Liberation Day tariffs were announced. This caused a temporary dip in market sentiment, but the price has stabilized above $80,000.However, based on technical indicators and market sentiment, there is a possibility that the recent price decline could signal the start of a more prolonged bearish trend.While some sources suggests a deep correction was needed before Bitcoin could move higher, others point to the danger of entering an extended bear market if weakness continues. Bitcoin price is correcting gains below the $96,500 resistance. BTC is now trading below $95,000 and might face hurdles near the $95,750 resistance. Bitcoin started a downside correction from the $98,880 zone. The price is trading below $96,000 and the 100 hourly Simple moving average.Only time will tell.

Should I sell my Bitcoin now?

That depends on your individual circumstances and risk tolerance.If you are a long-term investor, you may want to consider holding onto your Bitcoin and waiting for the market to recover.If you are a short-term trader, you may want to consider selling your Bitcoin to protect your capital.Consider seeking advice from a financial advisor before making any decisions.

What are the biggest risks facing Bitcoin right now?

Some of the biggest risks facing Bitcoin right now include regulatory uncertainty, competition from other cryptocurrencies, and potential security breaches. According to the top trader, the deep correction in August that drove BTC below $50,000 is the leverage flush out that Bitcoin needs to move higher. The analyst highlights that any sign of weakness now will likely put the crypto king in a position to witness an extended bear market.Additionally, negative news or events can trigger sharp price declines. Bitcoin traded at $81,710.70, down close to 1.70% in the past 24 hours. The coin s 24-hour trading range was between $81,293.89 and $83,505. Bitcoin s dominance has slipped slightly to 61.19%Remember to stay informed and manage risk accordingly.

Where can I get reliable information about Bitcoin?

There are many reliable sources of information about Bitcoin, including cryptocurrency news websites, research reports, and financial advisors. However, bearish indicators are mounting, with the Ichimoku Cloud showing weakness and BTC trading below key support levels. As price hovers just above $104,584, the threat of another death cross and deeper downside remains unless bulls can reclaim momentum above resistance. Bitcoin Whale Count Rebounds After Strong DeclineBe sure to do your own research and consult with a professional before making any investment decisions.

Conclusion: Navigating the Volatile Crypto Seas

The recent ""Bears Attack Bitcoin at the Daily Close as BTC Price Slips Below $6,666"" event serves as a stark reminder of the volatility inherent in the cryptocurrency market.While technical indicators currently suggest a potential loss of momentum and a bearish trend, it's crucial to consider the broader market sentiment, underlying fundamentals, and long-term potential of Bitcoin. According to a recent post on X by Shaco AI, Bitcoin (BTC) is showing a bit of stage fright as it hovers just below key short-term moving averages, signaling a potential loss of momentum. At the time of writing, BTC is trading at $94,383, beneath both the 25-hour Simple Moving Average (SMA) at $9Whether this is a temporary setback or the start of a more significant downturn remains to be seen.As always, prudent risk management, staying informed, and maintaining a long-term perspective are essential for navigating these volatile seas.Remember, the key takeaways are to manage risk, stay informed, and remain patient. Traders are buying the dip as risk-off sentiment sends BTC sliding, Kraken said. The long-short ratio has improved to a record 0.8 on the exchange. Crypto traders are buying bitcoin (BTC) onConsider your personal investment goals and risk tolerance before making any decisions. BTC/USD daily price chart. Source: TradingView. If Bitcoin breaks below this neckline, it could confirm the pattern, leading to a measured move down toward $77,509 which coincides with the CMEThe crypto market is always evolving, and staying adaptable is crucial for success.By carefully analyzing the data and understanding the market dynamics, investors can position themselves to weather the storm and potentially capitalize on future opportunities.