CandleFocus Two Reasons Why Bitcoin’s Path to $90,000 Faces Roadblocks
2024-11-12
Author: Content Editor
Bitcoin has been experiencing a strong bull run, reaching new all-time highs and currently trading at $85,662. However, two critical factors may prevent it from reaching the $90,000 mark in the short term. The first is the exploding open interest, indicating high leverage and potential instability if prices drop. The second factor is the rising funding rate, which suggests a dominant buying side and often precedes a price pullback. Bitcoin's overbought readings from its Relative Strength Index (RSI) further confirm a bearish outlook. If these factors hold true, the price may temporarily pull back to $81,215 or even $74,340. However, if buying pressure strengthens, Bitcoin may surpass its current all-time high and reach the $90,000 mark.
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