ChainCatcher news reports that after a historic bull market rebound in Bitcoin during November and December, its price has consolidated between $92,000 and $99,000, below the 20-day Exponential Moving Average (EMA), approaching the 50-day EMA. However, since October 2024, Bitcoin's price has consistently remained above the 200-day EMA, a key support level indicating that the market still has some support. Currently, the Relative Strength Index (RSI) is at 42, indicating that Bitcoin is neither overbought nor oversold.
The Bitcoin Taker buy-sell ratio is 0.92, below 1, indicating that bears are dominating the market. TradingView analyst 'The ForexX Mindset' warns that Bitcoin may drop to $81,500, noting the rising dominance of the USDT market, reflecting investors seeking safe-haven assets. Technical analyst Aksel Kibar also predicts that Bitcoin will pull back to $80,000, believing that the head and shoulders pattern suggests a potential recent pullback.
Despite cautious market sentiment, the funding rate for BTC perpetual futures contracts remains positive, indicating that long position traders still dominate the market and are willing to pay fees to maintain their positions.
