Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
BTC:
- BTC's Open Interest by number of coins has generally turned a tad lower over the last few days. We had a move-up in OI going into the inauguration, but that's tapered off slightly since.
- The Funding Rate is at 0.004%, indicating there is an even balance between Longs and Shorts currently.
Technical analysis
- Price has broken out of the downtrend line and is now range-bound between the horizontal support of $98,900 (and the psychological level of $100,000) and the horizontal resistance of approximately $107,000.
- We've also had a breakout of the downtrend line on the RSI, but that has also become range-bound whilst also putting in a bearish divergence (higher high in price, lower high on the oscillator). Although, it isn't in or close to overbought territory.
- The key support zone is between $98,900 and $100,000.
- $107k to $108k is the breakout zone to watch out for.
Get the latest Bitcoin price prediction—dive into our detailed analysis to stay one step ahead!
- Next Support: $100,000
- Next Resistance: $107,000
- Direction: Neutral
- Upside Target: $107,000
- Downside Target: $98,900
Cryptonary's take
It's been very tricky trading BTC this week with the market feeling weak at times, but also knowing that any positive pro-Crypto Executive Order could be dropped by Trump at any moment.We've seen a price rally on positive news, but it has had a decreasing effect as the week has gone on. The market had also pulled back when the news was released, and it essentially wasn't the Strategic Bitcoin Reserve. However, each time, the price has seemingly comfortably held the lows of $100k - $101k and bounced relatively swiftly.
Ultimately, this range will probably resolve itself soon. The market at times has felt weak, and the rallies into positive news have faded, which feels like a sign of exhaustion. But, on the other hand, the price comfortably held the lows when it pulled back.
BTC is very evenly balanced here, and direction is really difficult to call. We'd expect that when there is a breakout or a breakdown, it'll likely be a relatively big move in that direction. But calling the directions is super hard here.
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