BlockBeats News, January 9th, according to CoinDesk, Bitcoin has rebounded from its low to approximately $90,500, after testing lows near $89,300, testing support levels near the 50-day moving average (approximately $89,200). This marks Bitcoin’s third consecutive day of pullback, following its near-$95,000 push on Monday. Cryptocurrency trading company Wintermute stated that the main reason for Bitcoin’s decline is low trading volume, combined with traders taking profits.

Wintermute’s OTC trading head Jake Ostrovskis stated: “Following the initial risk appetite recovery after the market opened at the start of the year, the market failed to break through the key $95,000 level, leading to two-way fluctuations in trading over the past two days, while ETF outflows have dominated.” Additionally, the market has been affected by the Federal Reserve’s continued downward adjustment of rate cut expectations. According to CME FedWatch data, as of now, the probability of a rate cut at the January 28th Federal Reserve meeting stands at only 11.6%, down from 15.5% a week ago and 23.5% a month ago.

Derivatives positions indicate that market leverage is rising. Meanwhile, Bitcoin perpetual futures funding rates remain at a positive value of approximately 0.09%, indicating that longs are paying shorts to maintain their positions. Funding rates that remain positive during pullbacks mean traders are still using leverage to buy on dips. When prices fail to advance further, this concentrated long position structure increases the risk of long liquidations, because even moderate declines could force leveraged traders to close positions, bringing additional selling pressure.

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