• Bitcoin price has managed to progress slowly to $94,000 over the last 24 hours. 
• The cryptocurrency’s daily trading volume has dipped by 4.0% as per CMC data.

The crypto market stubbornly held on to its bearish trend this past week. As the weekend approaches, members expect to see a change of course in the prices. Meanwhile, the DOJ’s recent approval to sell Silk Road’s Bitcoin has caused the cryptocurrency to plummet further. Meanwhile, centralized exchange FTX has recently been combating ownership disputes. 

Notably, Bitcoin has recorded a modest price dip of 0.47% in the last 24 hours. This has docked the digital asset’s price at $93K for the second consecutive day this week. The past day’s cycle began with a modest surge to $94,517, followed by breaking the $92,500 support. BTC price then fell to an intraday low of $91,203.  

However, Bitcoin then proceeded to rebound to the $93K level and as analysts predict, the breaking of $92.5K support might cause it to rebound to $96,000. With the cryptocurrency slowly crawling to $94K indicates the possibility of reaching the $96K mark. At the time of writing, BTC was trading at $94,003 as per CMC data.  

Additionally, prominent crypto analyst Ali stated in the past day that 66.38% of BTC traders on Binance have decided to go long due to their expectation that BTC will rebound. He further stated that if their bets go wrong then huge numbers might get liquidated. 

What Caused Bitcoin’s Recent Price Drop? 

The DOJ’s approval, as aforementioned, to sell the Bitcoin funds from Silk Road caused a dent in Bitcoin’s recent road to recovery. The cryptocurrency, only last week, after prepping for days, initiated its 2025 bullish rally. However, the DOJ’s announcement caused it to plummet nearly 5% in a 24-hour radius. 

On inferring its technical indicators, Bitcoin’s Moving Average Convergence Divergence (MACD) signal line recently crossed below the MACD line indicating a negative environment. 

Additionally, its bull power indicator stands at 0.99 while its bear power indicator stands at -4.06. This TradingView data suggests that the bears are overpowering Bitcoin trading price presently. 

However, if Bitcoin manages to break out of the past few days’ bearish trends, the expected rebound to $96K still seems a potential occurrence. Meanwhile, other cryptocurrencies such as Cardano and Dogecoin have also shown minor price dips in the past day. 

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