BTC/USDT Futures Market Analysis — December 23, 2024

[[Bitcoin Market]] Analysis: December 23, 2024

Market Overview

• **Bitcoin Spot Price:** 97,747.00 USD (Binance Spot), an increase of +0.63% in the last 24 hours.
• **[[BTC/USDT Futures]] Price:** 97,747.00 USD (Binance Futures).
• **Trading Volume:** 92.60 billion USD

Technical Analysis

Daily Time Frame

• **Support Level:** $93,000
• **Resistance Level:** $100,000

Hourly Time Frame

• **Support Level:** $95,000
• **Resistance Level:** $98,000

Key Indicators

• **50-Day Moving Average (MA):** Uptrend, signaling a positive medium-term outlook.
• **200-Day Moving Average (MA):** Confirms a long-term upward trend.
• **RSI:** Currently at 55, indicating neutral momentum.
• **MACD:** Potential bearish crossover forming.
• **[[Bollinger Bands]]:** Expanding bands indicate increased volatility.

Volume Analysis

• **Open Interest:** Declining, suggesting profit-taking from long positions.
• **Liquidations:** $500 million in long positions liquidated in the last 24 hours, increasing price pressure.

Bitcoin ETF Analysis

Bitcoin-related ETFs continue to attract institutional investors. The total assets under management (AUM) of the largest Bitcoin ETFs now exceed $20 billion, reflecting growing demand for regulated investment products despite market volatility.

Liquidation Heatmap

File:Https://i.ibb.co/0rPMjtY/Binance-BTC-USDT-Liquidation-Heatmap-24-hour-2024-12-23-06-41-17.png

Liquidation Heatmap

Trading Strategy

• **Recommended Position:** Short Position

 * **Entry Point:** $96,200
 * **Stop-loss:** $98,000
 * **Take-profit:** $93,000
 * **Leverage:** 20x

Expected risk/reward ratio: Favorable, given the current bearish momentum.

Fundamental Analysis

• **Macroeconomic Factors:** Recent decisions by the US Federal Reserve (Fed) and inflation data continue to pressure risk assets, including Bitcoin.
• **Institutional Activity:** Declining open interest and significant liquidations of long positions suggest profit-taking by major investors.

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