Bitcoin has been making headlines recently as its price crossed over $92k at the end of November and has touched this level multiple times since then. This has led to mixed market sentiments, with some seeing it as a warning sign of an upcoming fall in the price of btc, while others believe it is cementing its support at this level. Investors are viewing this as an opportunity rather than a cause for concern. So, what exactly is happening with bitcoin right now? Let’s take a closer look.
### The Bitcoin Charts
Bitcoin has been finding strong support at the $92,300 level, with the price making lower highs and a trend line passing through the lows. Recently, the price fell below $90k for the first time since November 18. The Relative Strength Index (RSI) has been playing along with the price, but recently showed a diversion. When the price made a lower high around $102k in early January, the RSI made a higher high against it. The RSI also indicated an oversold market condition.
Assets often need a cooling off period after such a significant event. The Moving Average 200 is currently acting as the strongest resistance, riding above all the averages and inverting their positions with MA 200 at the top and MA 20 at the bottom.
### Other Metrics
According to total liquidation data by Coinglass, over 202,800 traders were liquidated in the last 24 hours. Initially, long traders were getting liquidated, but the market has seen a shift in the last 12 hours with short traders now facing liquidations.
The Bitcoin Long Vs. Short ratio is at 1.1954, indicating that long traders are gaining confidence. 54.45% of the total open futures trades for BTC are long positions, while 45.55% are short positions. However, this may also signal another upcoming round of liquidations as the market remains uncertain.
### What To Expect
The market sentiment is currently somewhat fearful, with the fear and greed index recorded at 46 today. This typically causes bears to take charge of the market. Market sell-offs can create panic, but they also present opportunities for investors to buy the dip and increase their holdings. Social media is abuzz with discussions about the $90k price level, selling, and buying opportunities. The market is attempting to push higher, but resistance is proving to be a significant challenge.
In conclusion, the current state of the bitcoin market is uncertain. While some indicators suggest a potential fall in price, others point to opportunities for investors. It remains to be seen how the market will evolve in the coming days. What are your thoughts on the current state of the bitcoin market?