Bitcoin’s price dropped by 5%, falling below $93,000 from a high of $99,600, marking its first significant decline since August. This correction is evident in the bearish divergence on Bitcoin's daily chart between the price and the relative strength index (RSI), which hindered its ascent towards the $100,000 target. The decline coincides with a record high in the Bitcoin profit and loss (P/L) ratio, historically seen near market tops. High P/L ratios suggest profit-taking by long-term holders, causing capital rotation to new retail investors. Additionally, Bitcoin's price faced downward pressure from overleveraged positions in the futures market, indicated by rising funding rates. Analysts predict further corrections, with potential retests of the $90,000 and $85,000 liquidity zones, especially as RSI falls below 50. A bullish trend would require a daily close above $95,000, which appears unlikely at this moment. This content does not constitute investment advice, and readers should conduct their own research.

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