The price of Bitcoin has recovered above $97,000, providing an optimistic outlook for the leading crypto brand. Despite this development, BTC traders they are still worried because their strategy shows they are still weak to the current price action.
Bitcoin traders turn Bearish after price recovery
In the X postcrypto analyst Ali Martinez revealed that Bitcoin traders have turned bearish despite the price recovery over $97,000. The crypto analyst said that the percentage of traders on Binance betting BTC has decreased from 66.35% to 55.22% over the past 24 hours.
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This development is important like this Binance traders you have a history of being right most of the time. While the majority of traders (55.22%) still want BTC, the decline in those who are betting on the rise suggests that there is a possibility that it is just a price relief the recent price recovery and not a reversal.
Bitcoin price has recovered above $97,000 after falling below $90,000 two days ago. This recent rally could pave the way for the major crypto brand to regain the $100,000 psychological price level. The crypto analyst Jelle is confident that this could happen soon, because he said that a break out price above $97,000 That 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 choose not to bet on another rally despite the recent price recovery short. Recent macro data has suggested that the Federal Reserve it is unlikely that as many quantitative easing (QE) policies will be implemented compared to last year.
This is bearish for the price of Bitcoin because investors may be more skeptical about investing in this risky asset. On the other hand, the incoming administration of Donald Trump gives some hope to market participants as the US president has promised to create a Strategic Bitcoin Reserve, which would provide more accept BTC.
The BTC market structure has changed
Crypto analyst Commercial Tardigrade he also gave a bullish outlook for the price of Bitcoin. In X's post, he said that Bitcoin has shifted the structure of the market from decline to rise. He explained that when BTC was in a downturn with lower highs and lower lows, it created a corresponding high, indicating a “character change.”
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Now, Bitcoin has broken through the resistance to form a higher high. According to Trader Tardigrade, if BTC holds a higher low at the $96,000 support/resistance level, it could start the bull run again. The analyst's accompanying chart showed that the major crypto could recover $100,000 and then rally to 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 by Dall.E, chart from Tradingview.com
