Bitcoin Traders Turn Bearish Despite Price Recovery Above $97,000, Here Are The Numbers
Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship cryptocurrency. Despite this development, bitcoin trader Still appear worried as their strategy suggests they are still bearish on current price action.
Traders turn bearish after Bitcoin price recovers
in a X postsCryptocurrency analyst Ali Martinez reveals that while Bitcoin traders have turned bearish price recovery Over $97,000. The cryptocurrency analyst mentioned that the proportion of traders on Binance betting on the rise of BTC dropped from 66.35% to 55.22% in the past 24 hours.
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This development is significant because Binance Trader Have a track record of being correct most of the time. While the majority of traders (55.22%) remain long Bitcoin, the decline in traders betting on the upside suggests that there is a chance that the recent price recovery is just a relief rally rather than a bullish reversal.
Bitcoin price has now climbed back above $97,000 after falling below $90,000 two days ago. The recent rally could pave the way for the flagship cryptocurrency to reclaim the psychological price level of $100,000. Cryptocurrency analyst Jelle believes this could happen soon as he stated Price breaks above $97,000 Could lead to new highs for Bitcoin.
However, there is still a lot of uncertainty in the market, which may explain why some Bitcoin traders are choosing not to bet on further gains despite the recent price recovery. Recent macro data indicate that Fed It is unlikely that as much quantitative easing (QE) will be implemented compared to last year.
This is bad for Bitcoin prices, as investors may become more skeptical about investing in this risky asset. On the other hand, the incoming administration of Donald Trump has brought some optimism to market participants, as the US president-elect has promised to build a strategic reserve of Bitcoin, which will lead to greater adoption of Bitcoin.
BTC’s market structure has changed
cryptocurrency analyst tardigrade merchant It also provides a bullish outlook for Bitcoin price. He said in the X post that Bitcoin has changed the market structure from a downward trend to an upward trend. He explained that when Bitcoin is in a downtrend, with lower highs and lower lows, it creates identical highs, marking a “change of character.”
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Now, Bitcoin has broken through resistance to form higher highs. According to Trader Tardigrade, if BTC holds higher lows above the $96,000 support/resistance flip level, it could start to bull market again. The analyst’s accompanying chart shows that the flagship cryptocurrency could regain $100,000 before rebounding to new highs.
According to statistics, as of this writing, Bitcoin price is around $97,300, up more than 2% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
