Bitcoin Traders Turn Bearish Despite Price Recovery Above $97,000, Here Are The Numbers

Scott Matherson

5 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship crypto. Despite this development, BTC traders still look apprehensive as their strategy suggests they are still bearish on the current price action.

Bitcoin Traders Turn Bearish Following Price Recovery

In an X post, crypto analyst Ali Martinez revealed that Bitcoin traders have turned bearish despite the price recovery above $97,000. The crypto analyst mentioned that the percentage of traders on Binance betting BTC will rise has declined from 66.35% to 55.22% over the past 24 hours.

This development is significant as these Binance traders have a track record of being right most of the time. While most traders (55.22%) are still longing BTC, the decline in those betting on a rise suggests that there is the possibility that the recent price recovery is just a relief bounce and not a bullish reversal.

The Bitcoin price has recovered above $97,000 after dropping to 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 that this could happen soon, as he stated 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 have suggested that the Federal Reserve is unlikely to implement as many quantitative easing (QE) policies as compared to last year.

This is bearish for the Bitcoin price since investors could become more skeptical about investing in this risk asset. On the other hand, Donald Trump’s incoming administration provides some optimism for market participants since the US president-elect has promised to create a Strategic Bitcoin Reserve, which would lead to greater adoption of BTC.

BTC’s 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 of character.”

Now, Bitcoin has broken through the resistance to form a higher high. According to Trader Tardigrade, if BTC maintains a higher low at the support/ resistance flip level of $96,000, it could start the bull run again. The analyst’s accompanying chart showed that the flagship crypto could reclaim $100,000 and then rally to new highs.

At the time of writing, the Bitcoin price is trading at around $97,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com — BTC price faces resistance above $97,000 | Source: BTCUSD on Tradingview.com

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

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.