The indicators show that Bitcoin continues to rise despite the resistance at 92k.
Bitcoin has been sideways within a 7% range since November 12. This could be a signal of the re-accumulation phase to consolidate the new support level at 90k.
Derivative data indicates that professional traders are confident in the upcoming bullish trend. Additionally, the attempts to break through the $92K level in recent days suggest a significant buying force, even surpassing many entities like MicroStrategy.
Specifically, the delta deviation of BTC options has decreased to a 4-month low, indicating bullish sentiment and reflecting confidence in the support zone at $87K.
To further assess the sentiment of traders, the Bitcoin margin market needs to be considered. Unlike derivatives, the margin market allows borrowing stablecoins to purchase Bitcoin spot. Short traders can completely borrow BTC to increase their positions.
Currently, the Long to Short margin ratio for Bitcoin is 14 times skewed towards buying (Long). Historically, overly bullish phases have pushed this ratio above 40 times, while levels below 5 times are often considered bearish.
In summary, the indicators all support the break at $92K even with some traders taking profits. Let's look forward to what is coming next!
