Analysis: Some BTC on-chain indicators send bearish signals and market traders remain cautious

Odaily reports that after the historic bull market rallies in November and December, the price of has been consolidating between $92,000 and $99,000, well below its 20-day exponential moving average (EMA), and near its 50-day EMA. However, the price of has remained above its 200-day EMA since October 2024, which is a key support level, and the relative strength index (RSI) is currently at 42, indicating that the digital asset is neither overbought nor oversold. The Bitcoin Taker Buy Sell Ratio, a metric that measures market sentiment, is currently at 0.92. When this indicator falls below 1, it suggests that bears are in control of the market, while when it is above 1, it indicates that bulls are in control. The TradingView contributor "The ForexX Mindset" recently warned investors that a market crash could push the price of to around $81,500. He believes the rising dominance of the market signals a decline in the price of , suggesting that investors are seeking safe-haven assets and preparing for potential changes in market conditions. Technical analyst Aksel Kibar also predicts that the price of will retrace to around $80,000. The trader states that the classic head and shoulders pattern suggests that may correct in the coming days and weeks. Despite these on-chain indicators signaling bearish sentiment and cautious market sentiment, the funding rate of perpetual futures contracts remains positive, indicating that long traders are still in control of the market and are willing to pay a fee to short traders to maintain their positions.