Bitcoin price continued its strong downward trend even after MicroStrategy and Tether announced new acquisitions.

Bitcoin (Bitcoin) was trading near the $91,000 level on Monday, December 30, down 15% from its high this year, and technicals suggest it has more downside.

This decline continued though MicroStrategy announced that it has acquired... An additional 2,138 Bitcoins were added last week, marking the eighth straight week of purchases and bringing their total holdings to 446,400.

Tether also added 7,630 bitcoins, increasing its total holdings to more than $7.7 billion. Other large companies, including Marathon Digital, Riot Platforms, and Hut 8 Mining, also continued to increase their Bitcoin reserves.

Bitcoin's decline can be attributed to profit-taking by investors who have more than doubled this year. The decline is also linked to risk-off sentiment in the market, as evidenced by the rise in the US Dollar Index to $108.14 and the significant declines in the Dow Jones and Nasdaq 100, which fell by 670 and 320 points, respectively.

Another contributing factor may be concerns about bond custodians in anticipation of a Donald Trump presidency. Bond custodians typically push bond yields higher when the budget deficit rises.

These dynamics have pushed the 30-year bond yield to 4.76% and the 5-year bond yield to 4.3%, near their highest levels this year. As we are Written before, there are concerns Higher bond yields could lead to downside risks in the cryptocurrency market and stocks in 2025.

Bitcoin price may collapse to $73,780

The daily chart shows that BTC has fallen sharply in recent days. It has flipped the 50-day EMA into a resistance level and is now trying to break below the key support level at $91,430, a level it has tested three times this month without breaking it.

Additionally, Bitcoin appears to have formed a head and shoulders pattern, which is a widely recognized bearish reversal indicator. It also fell below the weak point, stop and reversal of the Murrey Math Lines at $93,750.

As a result, Bitcoin may fall to the next major support level at $73,780, the peak recorded on March 14. If this happens, Bitcoin could see a further decline of approximately 20% from its current price.