Bitcoin is currently hovering near the $90,000 level after failing to surpass the $94,000 resistance point. This price action indicates some buyer hesitation close to recent peaks but does not yet confirm a loss of upward momentum. Market analyst KillaXBT, known on X platform, highlights that Bitcoin stands at a crucial crossroads with equal chances for either an upward or downward trend.
Bitcoin Targets $94,000 Retest While $87,000 Decline Remains Possible
In a post dated January 9 on X, KillaXBT notes that despite recent volatility, Bitcoin’s price structure remains well-defined and orderly. The cryptocurrency continues to respond predictably to key technical levels which simplifies forecasting short-term movements. According to this analysis, the $90,000 mark serves as an important support zone in the near term and coincides with a CME futures gap—an area closely monitored by traders for potential price reactions.
If Bitcoin fails to maintain support at $90,000 in a bearish scenario described by KillaXBT, the next significant support is around $87,500—the 2026 yearly open (YO). Should this level break down as well, prices might fall further toward approximately $86,800 where demand is expected to increase due to stronger buying interest. Such a decline would reinforce short-term weakness and suggest ongoing rejection from higher price levels.
Conversely if Bitcoin sustains above the $90K threshold successfully—as per KillaXBT’s view—it would indicate market acceptance of current prices rather than rejection. This could pave the way for another attempt at retesting supply zones near the previous ceiling between roughly $94K and $95K where sellers have capped rallies before. Although another rejection remains possible here too; this bullish outlook implies consolidation instead of distribution.
Potential Drop Toward $75K If Key Conditions Are Not Met
KillaXBT also shared additional perspectives on Bitcoin’s pricing dynamics in another update. The analyst revealed they still hold short positions initiated around approximately $93,900 but anticipate eventual upside beyond recent highs—signaling no permanent bearish stance yet. However if within 30 days Bitcoin fails to form lower highs as expected under their strategy then they project an accelerated drop toward about $75K—a decline close to 16.67% from current values.
At present moment trading data shows Bitcoin priced near $90,500 reflecting roughly a 0.76% decrease over last 24 hours while daily volume has declined by about 11.6%, totaling nearly $38.95 billion traded value during this period.
Despite fluctuations it remains dominant cryptocurrency boasting market capitalization around $1.8 trillion which accounts for approximately 58.5% share of total crypto market cap.
Featured image courtesy Shutterstock; chart sourced from Tradingview