Analysis: BTC broke below the 4-hour moving average support level; the monthly opening price of approximately $87,600 is a potential target price.

According to ME News, on January 8th (UTC+8), crypto analyst Lennaert Snyder stated that the price of BTC has fallen to approximately $91,000, and has also broken below the support level of approximately $92,155 on the 4-hour chart, confirming the downward trend. The analyst himself stated that he is looking for short opportunities, with a final target price of approximately $87,600 (the monthly opening price) (two take-profit levels were set during the low-point movement). Furthermore, BTC has support around $90,500; a strong rebound and reversal at this level would close short positions. A successful break above approximately $96,500 would turn the outlook bullish. (Source: ME)