Cryptocurrency markets are sliding on Tuesday as producer price pressures weigh on the market.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $97,073.3 | -4.7% |
| Ethereum (CRYPTO: ETH) | $3,431.99 | -6.9% |
| Solana (CRYPTO: SOL) | $205.16 | -6.4% |
| XRP (CRYPTO: XRP) | $2.30 | -5.5% |
| Dogecoin (CRYPTO: DOGE) | $0.3562 | -8.7% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002217 | -8.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 68.6% and daily active addresses falling by 0.01%. Transactions greater than $100,000 are up from 7,116 11,574 to in a single day. Exchanges netflows are up by 231.8%.
- Coinglass data reports 136,773 traders were liquidated in the past 24 hours for $409.57 million. Long liquidations at $344.6 million were the highest since Dec. 20.
Notable Developments:
- Bitcoin Spot ETF Inflows Hit $987 Million But Watch This Mid-January Fiscal Deadline
- CFTC Chairman Rostin Behnam To Step Down In February
- Ripple Announces Chainlink Integration To Boost RLUSD Stablecoin
- CPAI Launches Token For AI-Powered Crypto Tax Reconciliation Platform
- Riot's Crypto Mining Success Spurs Investor Interest With Defiance's New ETF
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| SPX6900 (CRYPTO: SPX) | $1.35 | -15% |
| Pudgy Penguins (CRYPTO: PENGU) | $0.03816 | -13.7% |
| Core (CRYPTO: CORE) | $1.12 | -13.2% |
Trader Notes: As Bitcoin drops below the $100,000 mark, crypto trader Michael van de Poppe notes that the ongoing BTC chop could signal a consolidation phase.
He concluded, "Correction over? Expect a market-wide bounce, with the strongest altcoins bouncing back the most."
Crypto chart analyst Ali Martinez pointed out that the TD Sequential indicator is flashing a buy signal on the BTC hourly chart.
If the $97,000 support holds, Bitcoin is likely to rebound.
However, if it falls below this level, it could drop further to $92,000.
The TD Sequential indicator flashes a buy signal on the #Bitcoin $BTC hourly chart, right above the setup trend line and the 200-hour MA, near $97,000. If this support holds, #BTC may rebound.
— Ali (@ali_charts) January 7, 2025
A break below $97,000, however, could open the door for a dip to $92,000. pic.twitter.com/jevgNgKyEf
More Crypto Online suggests that traders should focus on potential support breaks, treating levels as key decision points rather than making predictions.
A dip to $85,000 may be expected if support is lost, but aggressive trades should be avoided until a reversal signal confirms support.
Castillo Trading advises that with Inauguration Day just two weeks away, patience is crucial.
He recommends holding off on trades until a potential retest of the $93,527 level.
Although higher levels are the target, the recent selloff suggests a possible chop and gradual fade following the $100,000 rejection.
- Bitcoin Dumps Below $99,000: What Does Technical Analysis Say?
Image: Shutterstock
