Bitcoin’s price has surged above $97,000, providing a bullish outlook for the flagship cryptocurrency. Despite this development, BTC Traders they still look apprehensive as their strategy suggests they are still bearish on the current price action.

Bitcoin Traders Turn Bearish as Prices Recover

In Post Xcryptocurrency analyst Ali Martinez revealed that Bitcoin traders have gone bearish despite price recovery over $97,000. The cryptocurrency analyst mentioned that the percentage of traders on Binance staking BTC will drop from 66.35% to 55.22% in the last 24 hours.

This development is as significant as these Binance Traders they have a track record of being right most of the time. While the majority of traders (55.22%) still long for BTC, the decline in those betting on growth suggests there is a possibility that the recent price rebound is merely a reflection of relief rather than a bullish reversal.

Bitcoin price has surged above $97,000 after falling below $90,000 two days ago. This recent rally could pave the way for the flagship crypto to regain the $100,000 psychological price level. Crypto analyst Jelle is confident that this could happen soon as he stated that a price breaking above $97,000 could lead to modern highs for Bitcoin.

However, there is still a lot of uncertainty in the market, which may explain why some Bitcoin traders are choosing not to bet on further growth despite the recent price recovery. The latest macro data suggests that Federal Reserve it is unlikely to have implemented as many quantitative easing (QE) policies compared to last year.

This is bad for Bitcoin’s price as investors may become more skeptical about investing in this risky asset. On the other hand, the incoming Donald Trump administration is making market participants sanguine as the US president-elect has promised to create a strategic bitcoin reserve, which would lead to wider adoption of BTC.

The structure of the BTC market has changed

Cryptocurrency analyst Tardigrade dealer also provided a bullish outlook for Bitcoin price. In the post, X stated that Bitcoin changed the market structure from a downtrend to an uptrend. He explained that when BTC was in a downtrend with lower highs and lower lows, it formed a flat top, signaling a “change in character.”

Now Bitcoin has broken the resistance, creating a higher high. According to Trader Tardigrade, if BTC maintains a higher low at the $96,000 support/resistance reversal level, it could start running of the bull Again. The attached analyst chart showed that the flagship cryptocurrency could regain $100,000 and then surge to modern highs.

At the time of writing, Bitcoin is trading at around $97,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com