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Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship crypto. Despite this development, BTC traders still seem worried as their strategy suggests they are still bearish on the current price action.
Bitcoin Traders Turn Bearish After Price Recovery
In one X messageCrypto analyst Ali Martinez revealed that Bitcoin traders have turned bearish despite the crisis price recovery above $97,000. The crypto analyst said that the percentage of traders on Binance betting on BTC has fallen from 66.35% to 55.22% in the past 24 hours.
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This development is just as important as this one Binance traders have a reputation for being right most of the time. While most traders (55.22%) are still hungry for BTC, the decline among those betting on a rise suggests the possibility that the recent price recovery is just a relief and not a bullish 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 flagship crypto to reclaim the psychological $100,000 price level. Crypto analyst Jelle is confident this could happen soon as he states 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 has indicated that the Federal Reserve The country is unlikely to implement as many quantitative easing (QE) measures as last year.
This is bearish for the Bitcoin price as investors could become more skeptical about investing in this risky asset. On the other hand, the incoming administration of Donald Trump offers some optimism for market participants, as the US president-elect has promised to create a strategic Bitcoin reserve, which would lead to greater adoption of BTC.
The BTC 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 in character.”
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Now Bitcoin has broken through resistance to reach a higher high. According to trader Tardigrade, if BTC maintains a higher low at the $96,000 support/resistance level, it could running of the bulls again. The analyst’s accompanying chart showed that the flagship crypto could regain $100,000 and then soar to new highs.
At the time of writing, the Bitcoin price is trading around $97,300, up over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
