Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship crypto. Despite this development, BTC Trader Still look concerned as their strategy suggests they are still bearish on the current price action.
Bitcoin traders turn bearish after price recovery
in one X postCrypto Analyst Ali Martinez Reveals Bitcoin Traders Are Still Bearish Price recovery Above $97,000. The crypto analyst reported that the percentage of traders on Binance betting BTC fell from 66.35% to 55.22% in the last 24 hours.
Related reading
This development is thus important Binance Trader Has a record of being accurate most of the time. While the majority of traders (55.22%) are still longing for BTC, the decline in bullish bets suggests that it is likely that the recent price recovery is just a relief bounce and an acceleration. is not reversed with
Bitcoin price has rebounded above $97,000 after falling below $90,000 two days ago. This latest rally could pave the way for the flagship crypto to reclaim the psychological $100,000 price level. Crypto analyst Jelle is confident that this could happen soon, as he said that A The price is above $97,000 Could lead to new highs for Bitcoin.
However, there is still a lot of market uncertainty, which may explain why some of these Bitcoin traders are choosing not to bet on another rally despite the recent price recovery. Recent macro data has suggested that Federal Reserve Compared to last year, many quantitative easing (QE) policies are unlikely to be implemented.
This is bearish for the Bitcoin price as investors may be more skeptical about investing in this risky asset. On the other hand, the incoming administration of Donald Trump provides some optimism for market participants as the US president-elect has promised to create a strategic bitcoin reserve, which will lead to greater adoption of BTC.
The market structure of BTC has changed
Crypto Analyst Merchant Tardigrade also provided a bullish outlook for the Bitcoin price. In an X post, he said Bitcoin has shifted the market structure from a downtrend to an uptrend. He explained that when BTC was in a downtrend with lower highs and lower lows, it made an equal high, indicating a “change in character.”
Related reading
Now, Bitcoin has broken the resistance to make a higher high. According to trader Tardigrade, if BTC maintains a higher low at the $96,000 support/resistance flip level, it could initiate bull run Again the accompanying chart from the analyst showed that the flagship crypto could reclaim $100,000 and then reach new highs.
At the time of writing, the price of Bitcoin is trading at around $97,300, up more than 2% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
