Bitcoin to $80K or $100K next?

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:

• Bitcoin's Open Interest has generally downtrended since mid-December, however, it has risen 6% from the lows in late January.
• The Funding Rate has remained positive and fluctuated between 0.004% and 0.01%. This suggests some indecision amongst traders, but still with a slight bias towards Longs.
• Overall, this is a more healthy leverage environment.

BTC's funding rate:

Technical analysis

• BTC has remained in a really tight range between its local support of $95,600 and its local resistance of $98,900.
• Beyond $98,900, the $100k level should act as a tricky psychological level, whilst the main horizontal resistance is at $106,900.
• To the downside, we expect $91,700 to act as key support as this also closely matches the short-term holder cost basis price ($92k).
• Sub $91,700, and the key levels are $87,100 and $80,300.
• The RSI is in relatively middle territory, so it has a downside if the price wants to go lower. The RSI is also beneath its moving average and finding that to be resistance currently.

• Next Support: $95,600
• Next Resistance: $98,900
• Direction: Bearish
• Upside Target: $98,900
• Downside Target: $91,700

Cryptonary's take

Bitcoin has been in this tight range now since early February. We are expecting a break at some point soon, and we're expecting this to be to the downside. For now, we remain risk-off, however, we will look to lightly add to our long-term BTC bags between $87k and $91k. Whilst we'll more aggressively add between $80k and $87k.