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After closing last week below a crucial support level of around $95k, Bitcoin (BTC) price has been trending on shaky grounds, which could lead to further sell-offs in the near term. The flagship coin opened the third week of 2025 on a bearish outlook, after shedding over 5 percent last week to trade about $94,146 on Monday, during the early European session.
Creeping Fear of Bitcoin and Crypto Selloff
After hyping the re-election of US President Donald Trump, the cryptocurrency community is beginning to feel a potential threat of a sell-the-news scenario ahead of the upcoming inauguration. Moreover, Bitcoin’s fear and greed index has been signaling the rising greed of some traders, as whales slow down.
According to market data analysis provided by Santiment, crypto trading volume has sunk to levels only witnessed before the November 5, 2024, US elections.
The overall supply of Bitcoin on CEXes increased by 2,729 BTC, worth about $256 million, in the past 24 hours to hover around 2.19 million.
Midterm Targets
From a technical analysis standpoint, Bitcoin price, against the US dollar, has been forming a potential head and shoulders (H&S) pattern in the daily time frame. With the daily Relative Strength Index (RSI) forming a bearish divergence, Bitcoin price is at the risk of a possible correction below $90k soon.
According to popular trader Peter Brandt, Bitcoin price could either be forming a H&S pattern, a bear-trap pattern or morph into a longer pattern. However, Brandt cautioned BTC traders that the flagship coin has formed a classic H&S pattern with a target range of between $77.5k and $75,000.
Nonetheless, Brandt noted that if the BTC price consistently closes above $108k, a new trend will be confirmed in the near term.