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- Technical Analysis: Bitcoin price stabilizes in a symmetrical triangle pattern:
Bitcoin is currently trading below $88,000 as of the time of writing this report on Thursday, down 1% from Wednesday. Bitcoin continues its sideways trend within a symmetrical triangle pattern.
The upper resistance trendline is near $92,000, slightly above the 50-day Exponential Moving Average (EMA) at $91,629.
Technically, Bitcoin is losing momentum in the short term. The Relative Strength Index (RSI) is around 45, near the midpoint, indicating a neutral stance. Meanwhile, the Moving Average Convergence Divergence (MACD) is steadily approaching the zero line, but the oscillation of the green bars suggests bullish momentum that may not be sustainable.
BTC/USDT daily price chart.
If Bitcoin's price drops below the support line near $85,000, it may test the S1 pivot point at $82,784.
US-based Bitcoin-focused ETFs experienced outflows of $348 million on Wednesday, erasing the $355 million in inflows from the previous day. These ETFs have recorded outflows totaling $1.09 billion, continuing the withdrawal streak after selling $3.48 billion in November.
Additionally, this marks the fifth consecutive month of decline last year, with an annual inflow of $21.07 trillion.
Data on US Bitcoin ETFs. Source: Sosovalue
On the corporate front, Tether, a stablecoin issuer pegged to the US dollar, announced it had acquired 8,888 Bitcoin over the past three months. This move, along with acquisitions by Strategy, a company affiliated with Michael Saylor, and Metaplanet, increased their holdings to 672,497 Bitcoin and 35,102 Bitcoin respectively, reflecting rising corporate demand.
However, short-term volatility in Bitcoin's price has led to a decrease in retail investors' risk exposure in its derivatives market. CoinGlass data shows a decline in open interest in Bitcoin futures contracts to $54.62 billion on Thursday, down from $94.12 billion on October 7. Typically, a decrease in open interest indicates traders are either closing positions or reducing leverage, signaling a risk-averse sentiment.
Open Interest in Bitcoin Futures Contracts. Source: CoinGlass