Bitcoin (BTC) Faces the ‘Stairway to Heaven’ or ‘Lead Zeppelin’ Dilemma as Market Sentiment Shifts

For the first time in many weeks, trading on Friday, December 20, raised the question of whether Bitcoin (BTC) will continue soaring like Led Zeppelin

Bitcoin (BTC) price has crashed by 9% over the past 24 hours to $92,398, continuing its downtrend from the new all-time high at $108,000 on December 17. BTC has now fallen below the last major support zone before $85,000, raising concerns that the flagship cryptocurrency may be set for a deeper correction.

After setting a new all-time high on December 17, Bitcoin price has crashed by 9% over the past 24 hours, continuing its downtrend from the new peak. BTC has now fallen below the last major support zone before $85,000, raising concerns that the flagship cryptocurrency may be set for a deeper correction.

Bitcoin price drops below $95,000 as Feds predict higher inflation, less rate cuts

At press time, BTC price trades at $92,398, having crashed by 9.52% over the past 24 hours and 5.6% over the past seven days. The downtrend began following the Federal Reserve’s hawkish announcements about 2025, now expecting higher inflation and fewer interest rate cuts in the coming 12 months.

Bitcoin price 12H chart. Source: Seth / Twitter

Cryptocurrency and stock analyst on X, Seth, has been following Bitcoin's price action closely throughout 2024. According to Seth, the recent correction is “normal and healthy,” especially considering the massive liquidations that occurred in the early hours of December 20. This heavy liquidation could provide a “liquidations spring” for a renewed rally.

“This is the 12H chart. $BTC consolidation is normal and healthy. Been warning you about this since Nov.

Not financial advice

DYOR.”

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