After the historic bull market rebound of Bitcoin in November and December, its price has been consolidating between $92,000 and $99,000, well below its 20-day Exponential Moving Average (EMA), and close to its 50-day EMA.

However, since October 2024, the price of BTC has remained above its 200-day EMA, which is a key support level, and the Relative Strength Index (RSI) currently sits at 42, indicating that the digital asset is neither overbought nor oversold.

The Bitcoin Taker buy-sell ratio, a measure of market sentiment, currently stands at 0.92. When this metric falls below 1, it indicates that bears are in control of the market, while a value above 1 indicates that bulls are in control.

TradingView contributor "The ForexX Mindset" recently warned investors that a market crash could drive Bitcoin's price down to around $81,500. He believes that the rise of USDT's market dominance signals a decline in Bitcoin's price, indicating that investors are seeking safe-haven assets and preparing for potential market changes.

Technical analyst Aksel Kibar also predicts that Bitcoin's price will retrace to around $80,000. This trader states that the classic head-and-shoulders pattern suggests a possible retracement for Bitcoin in the coming days and weeks.

Despite these on-chain indicators signaling bearish trends and cautious market sentiment among traders, the funding rate for BTC perpetual futures contracts remains positive, indicating that long position traders still control the market and are willing to pay fees to short position traders to maintain their positions.