Bitcoin has experienced a disappointing finish in its price trajectory at the year’s end, resulting in a 3% decline to $88,000. This occurs even with a recovery from a prior low of $84,500 earlier this week.

On-chain metrics shared by Ali Martinez indicate that the $88,000 mark is a strong support level, with approximately 400,000 BTC accumulated there. Should this support fail, the next protective threshold stands at about $83,300.

Martinez warns that breaking below $83,300 could lead to a significant downturn to $63,000, which would nullify any bullish sentiment. This level marked the start of a substantial rise last year, although it has since experienced a 30% depreciation, raising questions about the ongoing bull market.

Below $83,307, Bitcoin has further support levels at $79,520, $70,685, and $63,111. Ali Charts

For Bitcoin to ascend, it must overcome considerable selling pressures, with the initial barrier just above its current pricing, followed by substantial walls at $92,000 and $94,000.

In the past week, Bitcoin saw an increase to $94,500 following the US Federal Reserve’s interest rate cuts, but shortly thereafter faced a sharp $10,000 decline.

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According to CW, Bitcoin has hit a sell wall, with significant resistance up to $90,000, and the next wall at $92,000.