- Edge of the price of Bitcoin under $102,000 on Thursday after being repeatedly rejected with a resistance of $105,000 over the past five days.
- Neither US President Donald Trump nor Russian President Vladimir Putin are expected to attend the Ukraine-Russia peace talks in Turkey.
- Traders should be cautious as the long short ratio of BTC reaches the lowest level INA month has increased bearish bets.
Bitcoin (BTC) prices are below $102,000 as of Thursday’s writing after being repeatedly rejected for $105,000 resistance over the past five days. Traders are turning their eyes to Türkiye, where peace negotiations between Ukraine and Russia are taking place. Possibility of a major breakthrough It looks dim Neither President Donald Trump nor Russian President Vladimir Putin is expected to be present meeting.
Putin will not attend peace talks
Russian President Vladimir Putin will not attend peace talks proposed between Turkish Russia and Ukraine on Thursday, Reuters reported. Regarding Trump, the US president said Friday he would go to talks “if appropriate.”
Instead, Russia will send a delegation led by Presidential Advisor Vladimir Medinsky and Deputy Minister Alexander Fomin.
Ukrainian President Voldymir Zelensky, who firmly stated that he would only be directly involved with Putin, is expected to decide to join Kiev after a meeting with Turkish President Tayyip Erdogan later on Thursday. Secretary of State Marco Rubio and envoys Steve Witkoff and Keith Kellogg will be present from the United States.
Ukraine has yet to officially confirm its existence or name its delegation, thus casting uncertainty in its response. The possibility of consultations that will bring meaningful progress towards the end of the Russian-Ukraine war is only a small possibility without the top leaders.
However, positive results can restore investor confidence, cause risk-on feelings across the market, and increase the price of risky assets like Bitcoin.
Bitcoin prices drop as bearish bets increase
The long-term ratio of the largest cryptocurrency by market capitalization in Coinglass is 0.92, the lowest level in more than a month. This ratio reflects bearish sentiment in the market as more traders bet on falling to Bitcoin prices.
Long BTC ratio chart. Source: Coinglass
However, after a slight spill on Tuesday, demand for the scheme has returned. According to Sosovalue, the US Spot Bitcoin ETF recorded an influx of $319.56 on Wednesday after a mild spill of $96.14 million the day before. Inflows need to continue and intensify to support BTC price gatherings in order to maintain bullish momentum.
Total Bitcoin Spot ETFS Daily Chart. Source: SosoValue
Bitcoin price forecast: BTC slides due to strong resistance of $105,000
Bitcoin has failed to exceed the $105,000 resistance level and has faced multiple rejections since Sunday. BTC recovered slightly on Tuesday, but failed to maintain the rebound and fell the next day. As of Thursday’s writing, BTC is below $102,000.
As BTC continues to fix, it could reduce retesting of psychological support levels at $100,000.
Daily Chart Relative Strength Index (RSI) reads 64 Downward point, Give a sales signal later Below the 70 excess level. The moving average convergence divergence (MACD) indicator has also been turned over into bearish crossovers on daily charts. in the case of Crossover consumables give a confirmation of another sales signal.
BTC/USDT Daily Chart
However, once BTC recovers its $105,000 resistance level and closes it, it will be able to hold a rally on January 20th towards its all-time high of $109,588.
