Analyst: Bitcoin's rebound momentum is weakening and may drop to $76,000

BlockBeats News, January 8, according to Cointelegraph, after bitcoin surged to nearly $95,000, it fell back to near its opening price at the beginning of the year, and within the daily trading timeframe, it could even drop below $90,000.

Keith Alan, co-founder of the trading resource platform Material Indicators, stated: "Bitcoin's first breakout attempt has been clearly rejected." Earlier this week, he warned that bearish forces on higher timeframes are at play. He pointed out that the key technical support is concentrated in the $87,500 to $89,000 range.

Alan also said: "With a macro death cross appearing on the weekly chart later this month, I believe any rebound that follows should be viewed as a 'sell-the-rally event,' unless there is evidence to suggest otherwise."

After repeatedly warning of bitcoin's macro downside risk in 2025, trader Roman once again reiterated his short-term target of $76,000, a price last seen in April this year. Roman stated: "Currently, we are near $89,000, and the downside continues. I still believe $76,000 will be reached; all this sideways movement is just to reset at that level. I see no signs of reversal, and the higher timeframes remain very bearish."