BTC Drops Below $100K But Futures Traders on Binance Remain Bullish

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BTC Drops Below $100K But Futures Traders on Binance Remain Bullish

Bitcoin is currently facing a hard time as the price dips further below the $100,000 and towards testing key support at $99,000. If the recent decline persists, Bitcoin could test lower support levels like the $99,000 and $92,000 mark. 

However, despite the recent decline in BTC’s price, a large number of futures traders on Binance are still betting on the upside. This indicates that these traders are confident that the price of Bitcoin will rebound to higher levels. 

BTC’s Continues to Experience Bullish Momentum 

As of the time of writing, Bitcoin was trading at $99,536.65 showing a decline of over 2.14% in the day. Data on Coinmarketcap also indicates that Bitcoin’s trading volume has declined to $36.91 Billion. This marks a decline of 15.53% in the last 24 hours as market participants are refraining from making any moves. 

On the other hand, Bitcoin’s market cap has also dropped to $1.97 Trillion depicting a 2.13% drop. This decrease in market capitalization shows that investor confidence is declining amidst the price drop. 

With BTC continuing to dip further, panic-selling could trigger the price to breach key support at $99,000. If this level is breached, we could see Bitcoin plummet towards $92,000. 

BTC’s Market Sentiment; Futures Traders Remain Bullish

Most BTC Futures traders with open positions on Binance are betting on a price increase, as posted on X by top crypto analyst Ali Martinez. Martinez wrote, “60.94% of traders on Binance with open #Bitcoin $BTC futures positions are betting on the upside!

Despite relatively strong bullish sentiment from BTC Futures traders, this is cautiously optimistic. It is crucial for traders to monitor price movements in the next hours to determine the next BTC price trajectory. 

El Salvador “Breaks” Amidst IMF Dispute 

Earlier today, El Salvador, which has been adopting Bitcoin at a national reserve level, revoked BTC’s legal tender status. As confirmed, El Salvador made this decision due pressure from the IMF. The country borrowed a $1.4 billion loan from the IMF. Revoking BTC as a legal tender and privatizing the Chivo wallet were part of the requirements that needed to be met first by El Salvador

With Bitcoin now revoked as a legal tender, the crypto’s use is voluntary and not mandatory for merchants. However, El Salvador purchased 2 more Bitcoin recently pushing the total held by the country to 6,055.18 BTC. 

The recent move to revoke BTC as a legal tender has raised various questions around the adoption of Bitcoin at national level. This could trigger further decline in the price of the number #1 crypto by market cap. However, if bulls take control the price could bounce from the downtrend. 

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