Bitcoin traders turn bearish despite price recovery above $97,000, here are the numbers

Bitcoin price has recovered above $97,000, providing a bullish outlook for the major cryptocurrency. Despite this development, Bitcoin traders Still looks apprehensive as their strategy suggests they remain bearish on the current price action.

Bitcoin traders turn bearish after price rebound

in Share XCryptocurrency analyst Ali Martinez revealed that Bitcoin traders have turned bearish though Price recovery More than $97,000. The cryptocurrency analyst reported that the percentage of traders on Binance betting on Bitcoin’s rise has dropped from 66.35% to 55.22% in the past 24 hours.

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This development is as important as this Binance traders They have a track record of being right most of the time. While most traders (55.22%) are still longing for Bitcoin, the decline of those betting on the rise suggests that there is a possibility that the recent price rebound is just a bounce and not a bullish reversal.

Bitcoin price has recovered above $97,000 after falling below $90,000 two days ago. This latest rally could pave the way for the major cryptocurrency to regain the psychological $100,000 price level. Cryptocurrency analyst Jelly is confident that this could happen soon, as he stated that A Price break above $97,000 It could lead to new highs for Bitcoin.

However, there is still a lot of uncertainty in the market, which may explain why some Bitcoin traders are choosing not to bet on further rise despite the recent price rebound. Recent macro data indicates that Federal Reserve Many quantitative easing (QE) policies are unlikely to be implemented compared to last year.

This is bearish for the Bitcoin price as investors may become more skeptical about investing in these risky assets. On the other hand, the incoming Donald Trump administration provides some optimism for market participants since the US President-elect has promised to create a strategic reserve for Bitcoin, which could lead to greater adoption of Bitcoin.

The BTC market structure has changed

Cryptographic analyzer Slow growing trader It also provided a bullish outlook for the price of Bitcoin. In X’s post, he mentioned that Bitcoin has shifted the market structure from bearish to bullish. He explained that when Bitcoin was in a downtrend with lower highs and lower lows, it created an even rally, indicating a “change in character.”

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Now, Bitcoin has broken through the resistance level to form a higher high. According to Trader Tardigrade, if BTC maintains a higher low at the support/resistance level at $96,000, it could start… Running bull once again. The accompanying analyst chart showed that the major cryptocurrency could regain $100,000 and then rise to new highs.

At the time of writing, Bitcoin is trading at around $97,300, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.

Featured image created with Dall.E, chart from Tradingview.com