CoinVoice has learned that, according to Cointelegraph, after a historic bull market rebound in November and December, Bitcoin's price has consolidated between $92,000 and $99,000, below the 20-day Exponential Moving Average (EMA), and close to the 50-day EMA. However, since October 2024, the price of Bitcoin has remained above the 200-day EMA, indicating that this key support level suggests some support in the market. 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 could drop to $81,500, pointing out the rising dominance of the USDT market, reflecting investors' search for safe-haven assets. Technical analyst Aksel Kibar also predicts that Bitcoin will retrace to $80,000, believing that the head and shoulders pattern suggests a possible recent pullback.
Despite cautious market sentiment, the funding rate for BTC perpetual futures contracts remains positive, indicating that long position traders are still dominating the market and are willing to pay fees to maintain their positions. [Original link]
