Categories: Bitcoin Latest News

Bitcoin Traders Turn Bearish Despite Price Recovery Above $97,000, Here Are The Numbers

The Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship crypto. Despite this development, BTC traders still look apprehensive as their strategy suggests they are still bearish on the current price action. 

Bitcoin Traders Turn Bearish Following Price Recovery

In an X post, crypto analyst Ali Martinez revealed that Bitcoin traders have turned bearish despite the price recovery above $97,000. The crypto analyst mentioned that the percentage of traders on Binance betting BTC will rise has declined from 66.35% to 55.22% over the past 24 hours. 

This development is significant as these Binance traders have a track record of being right most of the time. While most traders (55.22%) are still longing BTC, the decline in those betting on a rise suggests that there is the possibility that the recent price recovery is just a relief bounce and not a bullish reversal. 

The Bitcoin price has recovered above $97,000 after dropping to below $90,000 two days ago. This recent 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 stated that a price breakout above $97,000 could lead to new highs for Bitcoin. 

However, there is still a lot of market uncertainty, which could explain why some of these Bitcoin traders are choosing not to bet on a further rally despite the recent price recovery. Recent macro data have suggested that the Federal Reserve is unlikely to implement as many quantitative easing (QE) policies as compared to last year. 

This is bearish for the Bitcoin price since investors could become more skeptical about investing in this risk asset. On the other hand, Donald Trump’s incoming administration provides some optimism for market participants since the US president-elect has promised to create a Strategic Bitcoin Reserve, which would lead to greater adoption of BTC. 

BTC’s Market Structure Has Changed

Crypto analyst Trader Tardigrade also provided a bullish outlook for the Bitcoin price. In an X post, he stated that 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 created an equal high, signaling a “change of character.”

Now, Bitcoin has broken through the resistance to form a higher high. According to Trader Tardigrade, if BTC maintains a higher low at the support/ resistance flip level of $96,000, it could start the bull run again. The analyst’s accompanying chart showed that the flagship crypto could reclaim $100,000 and then rally to new highs. 

At the time of writing, the Bitcoin price is trading at around $97,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

[#item_full_content]NewsBTCRead More
AddThis Website Tools

Recent Posts

Crypto Experts Forecast Bitcoin Market Peak: Bear Market Could Emerge Within 3 Months

As Bitcoin (BTC) consolidates above the significant $100,000 milestone, previously a challenging resistance level to…

13 minutes ago

Top 5 Cryptos to Invest in as Whales Accumulate Bitcoin After Trump Inauguration

After surging by over 60% in the last three months, thanks to Donald Trump’s victory,…

15 hours ago

Spot Bitcoin ETFs Record Staggering $4.7 Billion In Seven-Day Inflow Streak — Details

The spot Bitcoin ETFs (exchange-traded funds) have picked up from where they left off in…

15 hours ago

Bitcoin Price At $321,000 This Cycle? Analyst Says It’s The ‘Math’

Crypto analyst Tony Severino has provided an ultra-bullish outlook for the Bitcoin price, predicting that…

1 day ago

Bitcoin’s Latest ATH: Is The Top Finally In Or Just Getting Started?

In the past months, Bitcoin has broken multiple resistance levels to achieve consistent all-time highs…

2 days ago

Bitcoin To $181,000? Mayer Multiple Reveals When BTC Will Become ‘Overbought’

Bitcoin has still not become overbought according to the Mayer Multiple. Here’s the level BTC…

2 days ago