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As of January 10, 2025, Bitcoin (BTC) is trading at approximately $93,753, reflecting a slight decline from its previous close.

Earlier this week, Bitcoin surpassed the $100,000 mark, reaching a peak of around $108,000 in mid-December. However, it has since retracted due to stronger-than-expected economic data, which increased Treasury yields and raised concerns about potential delays in Federal Reserve interest rate cuts. This environment has led to cautious sentiment among institutional investors, evidenced by substantial outflows from spot Bitcoin ETFs on Wednesday.

I have identified key support levels at $92,000, $87,000, and potentially down to $74,000, where longer-term investors might consider accumulating. Resistance levels are noted at the psychological $100,000 mark and the significant $106,000 level, where traders might take profits. Recent bearish patterns, including a bearish engulfing pattern and a drop below the 50-day moving average and the Relative Strength Index (RSI) threshold, indicate weakening momentum in Bitcoin’s rally.

Looking ahead, Bitcoin's price trajectory in the first quarter of 2025 may be influenced by policy decisions from President-elect Donald Trump's administration concerning the crypto industry. Analysts suggest that if pro-crypto promises are fulfilled, such as creating a strategic Bitcoin reserve, Bitcoin might reach new highs, potentially exceeding $125,000. Conversely, failure to meet bullish expectations could lead to declines toward $77,000.

In summary, while Bitcoin has experienced significant growth over the past year, recent economic indicators and investor sentiment have introduced volatility. Market participants should closely monitor economic data releases and policy developments, as these factors are likely to influence Bitcoin's price movements in the near term.