Analysis: BTC failed to hold the 4-hour support level, with the monthly opening price of approximately $87,600 as a potential target price

BlockBeats News, January 8 — Crypto analyst Lennaert Snyder stated that the BTC price has fallen to around $91,000, and it also broke below the support level of approximately $92,155 on the 4-hour chart, confirming the downward momentum. The analyst himself is looking for shorting opportunities, with a final target price of around $87,600, the monthly opening price (setting two take-profit points during the process of reaching the low).

Additionally, BTC price has support around $90,500. If there is a strong rebound and reversal at this level, short positions will be closed. If BTC successfully breaks through approximately $96,500, it will turn bullish.