Traders have intensified short positions on Bitcoin, with the proportion reaching its peak at 56.76% on January 7. This coincided with a price peak of around 101,000 USD. However, the sentiment is shifting to a bullish view, as indicated by the percentage of long positions on Binance reaching 68.28%.

Bitcoin recently experienced a price rise from below 92,000 USD to 94,886 USD. Despite this, more accounts are selling than buying. It remains uncertain whether this reflects profit-taking or a decline in market confidence. The pending U.S. Department of Justice sale of 6.5 billion USD in Bitcoin might impact future market dynamics.

The market’s future fate may rest on breaking resistance at 97,000 USD. Predictions suggest Bitcoin could rise to 99,000 USD. Additionally, Trump’s potential re-election might serve as a positive catalyst to propel Bitcoin prices further. Monitoring these developments will ascertain Bitcoin’s medium-term trajectory.