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

ChainCatcher reports that Matrixport released a chart today stating that Bitcoin funding rates continue to rise. Although BTC is undergoing a typical market adjustment, leveraged traders remain confident about the future.

From a technical perspective, the price may pull back to the $89,000-$90,000 range. This key support level is expected to stabilize the broader market. With Thanksgiving approaching, Bitcoin's astonishing increase of up to +119% so far this year will inevitably become a hot topic at holiday dinner tables.

What's more noteworthy is that Bitcoin is expected to once again be crowned as the best performing asset of the year. The highlight of this round of increases lies in traditional finance (TradFi) investors increasing their positions through ETFs. Looking forward to 2025, more institutional funds are likely to pour in further consolidating Bitcoin's strong upward momentum and reinforcing its long-term bullish outlook.