BTC eyes $98,900 target soon

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• Open Interest has pulled back from 660k coins to 606k coins over the last two weeks. An approximate 10% pullback in OI is healthy.
• Funding Rates remain flat at 0.01%, indicating that there isn't excessive gambling in the futures market, as would be reflected in very high Funding Rates.

BTC open interest (by number of coins):

Technical analysis

• Bitcoin has been in a local downtrend since mid-December, and its price is at an all-time high.
• So far, the price has found support in the high $91k's which was a prior all-time high resistance back in early November.
• We expect the low $ 90k to hold as support in the short term. But, if the price were to break lower, we'd expect $88k to be a major support.
• To the upside, BTC is moving into a local horizontal resistance at $95,700, although the price is currently attempting to push through.
• Beyond $95,700, there is the local downtrend line and the more major horizontal resistance of $98,900 that price would need to break through.
• The RSI is in the middle territory, although it is butting up against its moving average.

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• Next Support: $91,000
• Next Resistance: $98,900
• Direction: Neutral (Bullish)
• Upside Target: $98,900
• Downside Target: $91,000

Cryptonary's take

What's important to note is that between Christmas and just after New Year, the order books are quite thin, so the price can move in a volatile fashion. Currently, there is an underlying Spot bid (today) which is driving the price higher, which is good to see.

Bitcoin has looked really strong throughout the past month despite us seeing weakness in other sectors. Whilst it's possible that price remains range-bound between $91k and $96k, we are actually leaning more towards Bitcoin breaking out to the upside in the coming days.

This would have a potential target of $98,900, and we'd reassess price action around there once/if the move we're predicting happens.