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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Funding Rates Down: Is Bitcoin Heading For A $90K Correction?

Christian Encila
Christian Encila
6 months ago
3 mins read
Bitcoin

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Bitcoin’s recent price fluctuations have left investors in a state of uncertainty, as the cryptocurrency has seen a dramatic decline from its peak of nearly $107,000 to around $94,550. This volatility raises essential questions about the ability of Bitcoin to maintain its rally and whether it can regain its footing in the coming weeks.

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Critical Support Levels Under Threat

CryptoQuant analyst Shayan has had something important to say about current conditions in Bitcoins. According to him, the price is trying to stabilize right above the value of $92,000 level, which he further says is a key support.

He notes that Bitcoin is stabilizing near the $92,000 mark, which he identifies as a crucial support zone. If Bitcoin breaks below this level, it could trigger a wave of long liquidations and push prices down toward the 100-day moving average of $81,000. Also, this line has been performing as a real dynamic support by attracting buying inflows and can also cushion prices during further descent.

Source: CryptoQuant

Shayan underlines the role of market sentiment and technical indicators. At present, Bitcoin is fluctuating at significant support levels which are created in the $90K level and Fibonacci retracement levels at $87K and $82K. If the above-mentioned levels do not hold, there could be further selling pressure with corrections.

Bitcoin Bullish Outlook Despite Bearish Fears

Amidst this uncertainty, renowned cryptocurrency analyst Crypto Rover has expressed a bullish outlook for Bitcoin. He recently compared today’s price action with historical patterns, suggesting that January could see positive trends for Bitcoin.

#Bitcoin history is exactly repeating.

January will turn green.

You’ll regret not buying more here. pic.twitter.com/DCssLNMGh6

— Crypto Rover (@rovercrc) January 8, 2025

In a tweet, he stated, “Bitcoin history is exactly repeating. January will turn green. You’ll regret not buying more here.” His analysis indicates that if Bitcoin can break through the critical resistance level of $100,000, it could potentially barrel past $107,000.

Big Capital Inflows

Rover’s positivity is strengthened by the huge capital inflows in Bitcoin ETFs, which attracted more than $900 million of inflows from institutions like BlackRock and Fidelity. Increasing institutional interest also signals confidence in the long-term prospect of Bitcoin. However, he also cautions that failure to close above the $100,000 mark will lead to a pullback to $92,000 or even lower.

BTC is now trading $93,231. Chart: TradingView

The broader cryptocurrency market is feeling the strain too. This decline comes in tandem with Bitcoin’s failure to stay afloat, and other cryptocurrencies such as Ether and Solana have fallen by more than 7%.

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Bitcoin As The New S&P 500 Of Our Time? This CEO Thinks So

6 months ago

Even the traditional stocks of the crypto sector, such as MicroStrategy and Coinbase, have been down sharply. Funding rates falling within the derivatives market adds yet another layer of bearish sentiment around Bitcoin. According to Shayan, the decreasing funding rates had reflected dipping demand for derivatives, which also played a pivotal role in maintaining price trends.

Featured image from Pixabay, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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.

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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.

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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.

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