Bitcoin Insights: Elliott Wave Patterns, Market Drops & Whale Moves

Bitcoin Price Analysis: Elliott Wave Insights

According to FXStreet, Bitcoin (BTC/USD) is currently navigating a corrective Elliott Wave pattern. The analysis indicates that Wave A has concluded, and the market is now entering Wave B, which is expected to be a short-term bounce before a potential continuation into Wave C. The key resistance level to monitor is $90,792. If Bitcoin fails to surpass this level, a downward move into Wave C of (b) is anticipated, followed by Wave (c).

Traders are advised to consider short positions if Bitcoin tests the $90,792 resistance and encounters selling pressure. However, if BTC/USD breaks above $111,954, the current bearish scenario would be invalidated, requiring a reassessment of the market structure.

"BTC/USD continues within a corrective Elliott Wave structure. After completing Wave A, the asset seems to be starting Wave B — a temporary rebound — ahead of a potential move into Wave C." - FXStreet

Key Takeaways:

Resistance level: $90,792
Bearish scenario invalidation: $111,954
Current position: Wave B of a corrective structure

Trump's Crypto Impact and Whale Activity

MarketPulse reports that Bitcoin's price faced a dip despite initial gains following former President Donald Trump's appearance at a crypto event. While Trump reiterated his support for cryptocurrency, the lack of new policy announcements led to a loss of bullish momentum. Bitcoin is currently trading around $84,500, with on-chain data showing weakening demand and liquidity.

Interestingly, new "whale" investors have accumulated over a million Bitcoins since late November, including 200,000 in the last month alone. These whales, holding at least 1,000 BTC each, are primarily short-term investors aiming for quick profits. However, Glassnode data reveals that liquidity in the market is contracting, with daily Bitcoin inflows dropping by over 54% from their peak levels.

Key Insights:

Bitcoin price: $84,500
Whale accumulation: Over 1 million BTC since November
Market sentiment: Weak, with liquidity contracting

Crypto Market Overview: Altcoins and Bitcoin Trends

Gadgets 360 highlights that Bitcoin is trading at $84,500, reflecting a 1.40% drop in the last 24 hours. The broader crypto market also saw losses, with Ethereum dropping 2.3% to $1,974 and altcoins like Solana and Dogecoin experiencing declines. Despite this, some tokens like Uniswap and Aave managed to post small gains.

Market analysts suggest that Bitcoin's $80,000 level has been a strong support zone for six consecutive days. However, sustained buying pressure is required for a decisive breakout. The overall crypto market cap currently stands at $2.77 trillion, down 1.15% from the previous day.

Market Highlights:

Bitcoin support level: $80,000
Ethereum price: $1,974
Crypto market cap: $2.77 trillion

Riot Platforms: A Billionaire Favorite

Yahoo Finance reports that Riot Platforms, Inc. (NASDAQ: RIOT), a leading Bitcoin mining firm, saw significant growth in 2024. The company generated $376.7 million in revenue, a 34% increase from the previous year, driven by higher Bitcoin prices. Riot added over 10,000 Bitcoins to its holdings, ending the year with 17,722 BTC valued at $1.7 billion based on Bitcoin's December 31 price of $93,354.

Riot is also exploring opportunities in artificial intelligence and high-performance computing, appointing new board members to assess these prospects. The company remains a top pick among billionaire investors, ranking 9th on a list of best Bitcoin stocks to buy.

Key Metrics:

2024 revenue: $376.7 million
Total Bitcoin holdings: 17,722 BTC
Valuation of holdings: $1.7 billion

Crypto Market Declines: Pi Coin Leads Losses

Invezz reports that Bitcoin struggled to hold above $85,000, trading at $84,537.58, down 1.62% in the past 24 hours. Ethereum also fell below the $2,000 mark, trading at $1,979.90. The global crypto market cap stands at $2.76 trillion, marking a 1.69% decline. Pi Coin led the losses with an 18.54% drop, bringing its price to $0.9417.

Despite these declines, some tokens like Kava and Bonk posted gains, with Kava surging 10.08% to $0.5649. However, overall market sentiment remains weak, with trading volumes down 27.41% in the last 24 hours.

Market Summary: