Bitcoin struggles to recover but stays below $94,100

WEB DESK: Bitcoin opened the penultimate trading day of 2024 below $94,000 on Monday, with the cryptocurrency seen at $93,568.93 around 00:05 UTC. By 01:15 UTC, it appeared to rebound, rising from $93,358.67 to $93,717.99 within just 10 minutes.

It continued to climb, seemingly on the verge of breaking the $94,100 mark, but only reached $94,9032.62 at around 01:38 UTC, marking its highest point as of 08:04 AM UTC.

At 07:13 AM UTC, Bitcoin was trading at $93,658.50, a modest increase of $8 from its previous close of $93,650.91.

Ether saw a gain of 1.97 per cent, or $66.14, trading at $3,419.32 on Monday. Dogecoin also rose 1.78 per cent to $0.3198.

Bitcoin’s price in Pakistani rupee (PKR) currently stands at Rs26,106,647.49.

Bitcoin’s price dipped below the $94,000 level on December 29, down from its all-time high of around $108,000, recorded on December 17, 2024. It has not surpassed the $97,000 mark since December 27.

BTC was trading well below its 20-day exponential moving average (EMA) and nearing its 50-day EMA, as its price consolidated between $92,000 and $99,000 after a historic bull run in November and December.

However, since October, Bitcoin’s price has consistently stayed above its 200-day EMA, a crucial support level. The relative strength index (RSI) was at 42, suggesting that the asset was neither overbought nor oversold.

Despite bearish signals from on-chain metrics and caution from traders, funding rates for BTC perpetual futures contracts remained positive. This indicates that traders with long positions are dominating the market, willing to pay short sellers to keep their positions open.

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