Bitcoin has been hovering around the $92,300 level since crossing it at the end of November. This price level has acted as a strong support for BTC, with the cryptocurrency making lower highs and a trend line passing through the lows. On Monday, the price dipped below $90k for the first time in a while, sparking some concerns among investors.
The Relative Strength Index (RSI) has also shown some interesting signals. While it was in line with the price action for some time, it recently diverged. When BTC hit a lower high around $102k in early January, the RSI made a higher high, indicating a potential oversold condition. The Moving Average 200 is currently acting as a strong resistance level, with the MA positions inverted compared to previous trends.
Other Metrics
According to data from Coinglass, over 202,800 traders were liquidated in the last 24 hours. Initially, long traders were getting liquidated, but in the last 12 hours, the trend shifted towards liquidation of short traders. The Bitcoin Long Vs. Short ratio is at 1.1954, with long traders gaining confidence. However, this could also signal a potential upcoming liquidation event as the market remains uncertain.
What To Expect
Market sentiment is currently somewhat fearful, with the fear and greed index at 46 today. This could lead to bearish sentiment taking over the market. However, sell-offs often create opportunities for investors to buy the dip and accumulate more assets. Social media is buzzing with discussions around the $90k price level, selling, and buying opportunities. The market is struggling to push higher, but strong resistance levels are holding it back. What do you think will happen next in the market?