The price of Bitcoin has sharply dropped to around $93,000, a decrease of nearly $15,000 from the historical high point set in mid-December. It closed at $93,700 yesterday, down 1.64%.

With the dust settled on the US election, traders had hoped to gain more market confidence from the policies of the new leader. However, the uncertainty surrounding whether the Federal Reserve will cut interest rates and cryptocurrency regulatory policies has weakened market speculation.

According to BitUniverse data, the 24-hour trading volume is 3.812 billion US dollars, which is not significantly larger than the previous historical high period. This indicates that during the current price decline, market participation and trading activity have not significantly increased, which also reflects the cautious sentiment of the market.

Technical perspective: From the perspective of commonly used short-term moving averages such as 5-day, 10-day, and 20-day, if the short-term average crosses below the long-term average, forming a death cross, it is usually considered a signal that short-term bearishness is dominant. The current Bitcoin price is below the moving averages, indicating a bearish short-term trend in the market. The overall trend of the MACD line is downward, and after the DIF line falls below the zero axis, the DEA line is also approaching the zero axis, indicating that the bearish momentum in the market is strengthening, and there is a greater possibility of a downward trend in the short term. The middle band of the Bollinger Bands is at $98,600, with the upper band positioned higher, while the current price is close to the lower band of the Bollinger Bands, which has fallen to $91,100, indicating that the price is relatively low, but also indicating that the market's volatility range is expanding and bearish forces are dominant.