Market updates
Bitcoin dips below $94K level, bears now in control?
Beginner
2024-12-30 | 5m
Market analysts, including Arthur Hayes, have warned of deep short-term price corrections before Bitcoin establishes a new all-time high. The price of Bitcoin dipped below the $94,000 price level on Dec. 29 — down from the all-time high of approximately $108,000 recorded on Dec. 17, 2024. According to data from CoinMarketCap, Bitcoin is down roughly 1.29% in the last 24 hours and 2.67% in the past seven days.
Bitcoin is trading well below its 20-day exponential moving average (EMA) and is approaching its 50-day EMA as BTC's price consolidates between $92,000 and $99,000, following Bitcoin's historic bull rally in November and December. However, the price of BTC has remained above its 200-day EMA, which is a critical level of support, since October 2024, and the Relative Strength Index (RSI) is currently at 42 — indicating the digital asset is neither overbought nor oversold.
Despite the bearish signals from these onchain metrics and the cautious sentiment from market traders, funding rates for BTC perpetual futures contracts remain positive. Positive funding rates indicate that traders with long positions control the market and are willing to pay short traders to keep their positions open.
Source:
CoinTelegraph
Futures Market Updates
BTC is now below $94K before any clear sign of a new high.
Bitcoin Futures Updates
Total BTC Open Interest: $59.22B (+0.44%)
BTC Volume (24H): $60.91B (+60.72%)
BTC Liquidations (24H): $17.90M (Long)/$5.36M (Short)
Long/Short Ratio: 49.05%/50.95%
Funding Rate: 0.0083%
Ether Futures Updates
Total ETH Open Interest: $23.52B (+2.74%)
ETH Volume (24H): $23.15B (+51.00%)
ETH Liquidations (24H): $16.37M (Long)/$7.62M (Short)
Long/Short Ratio: 49.64%/50.36%
Funding Rate: 0.0109%
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