On January 13, bitcoin faced serious selling pressure, falling below the $90,000 level for the first time in eight weeks. The cryptocurrency's value fell 12.5% in seven days, dampening optimism among traders. However, derivatives market data pointed to a more neutral sentiment. Bitcoin futures contracts typically trade at a premium to the spot market, and the annualized premium currently stands at 11%, which is above the neutral range of 5-10% and generally reflects confidence among market participants. In addition, the funding rate for perpetual bitcoin contracts has remained positive, also indicating a predominantly neutral or positive sentiment.

Market Outlook

Meanwhile, technically, a retest of the reached price low is quite likely. Market behavior in the $90000 mark area may help to assess the market outlook.