Matrixport: BTC is experiencing a pullback, with the $89,000-$90,000 range as a key support level

2024-11-27 15:23:01

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ChainCatcher news, Matrixport released today's chart stating that the funding rate for Bitcoin continues to rise. Although BTC is undergoing a typical market correction, leveraged traders remain confident about the future. From a technical perspective, the price may pull back to the $89,000-$90,000 range, a key support level that is expected to stabilize the market. With the Thanksgiving holiday approaching, Bitcoin's astonishing gain of +119% year-to-date is sure to be a hot topic at holiday tables.

More notably, Bitcoin is expected to once again be the best-performing asset of the year. The highlight of this rally is that traditional finance (TradFi) investors are increasing their positions through ETFs. Looking ahead to 2025, more institutional funds may flow in, further solidifying Bitcoin's strong upward momentum and reinforcing its long-term bullish outlook.

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