After several attempts to break the $ 44,000 mark, Bitcoin is currently trading at $ 44,312 amid growing disagreements over whether or not the price bottomed out.

BTC / USD 1-Hour Candlestick Chart | Source: TradingView

Data from TradingView showed the $ 44,000 mark acted as local resistance on Thursday after predictions were followed that the price could soon return to $ 46,000.

Bitcoin stayed much higher after yesterday’s US inflation data, but now is not the time for some to get overconfident.

“It feels like Bitcoin is starting to hit a less sustainable (local) high, even though demand is diffusing beyond a few key resistance levels. Some bitcoin bulls may show up and clear some levels, but it takes a whole herd to clear them all out. Can reduce the risk a little, ”commented the Twitter account Material Indicators recently.

Source: material indicators

Key indicators that highlighted order book throughput on Wednesday provided a good opportunity to “minimize risk” and warned of a possible crash.

On the contrary, others believe that the “squeeze” could eventually drive the Bitcoin price up and punish the short traders who joined later.

If one observes that Perp financing becomes increasingly negative as prices rise, it seems that the real wave of liquidations could be pointing upwards https://t.co/ml8h5t0Skg

– Zhu Su (@zhusu) January 12, 2022

“Given that the funding rate for perpetual contracts is getting more and more negative as prices go up, it looks like a real wave of liquidations is underway.”

Meanwhile, popular trader Crypto Ed is showing optimism that significantly lower levels will be gone forever.

After uploading a snapshot of his prediction chart, he argued that if BTC rises up during the day, the period will be set to form a higher bottom during a firmer recovery.

Good morning everyone!
Thank you for giving me some time to take a Twitter break, but I’ll be back to tell you that when I see this, my bottom is in gets stronger #BTC Diagram.

I want to see more confirmations, but if we get Stage 5 today, I’ll be excited! pic.twitter.com/yW07BSdrYC

– Crypto_Ed_NL (@Crypto_Ed_NL) January 13, 2022

“The feeling that the price has bottomed out becomes stronger when you look at the BTC chart. I want to see more confirmation, but if there is a fifth move today I will be very excited! “

How long can relief last?

Observe Funding rate There was hardly any change on the stock exchanges, with neutral to negative values ​​dominating.

Such behavior is in contrast to the last few weeks, in which spot prices fell with positive financing rates.

Bitcoin Funding Rate Chart | Source: Coinglass

At the time of writing, BTC is trading at $ 44,266 and is still trying to break out of the higher zones. This is thanks to the buyers who stop at every drop.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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