Bitcoin has experienced a 15% correction in the past few weeks, dropping from the $70,000 range to the $60,000 range, a significant price movement that has garnered attention from investors and analysts. Signs of a potential local bottom have emerged, with open interest declining and funding rates nearing zero, indicating a more balanced market. Futures market indicators also point towards stability, with open interest decreasing by $3 billion and funding rates for perpetual contracts coming down to near zero. This suggests a fair deal between buyers and sellers, leading to a more favorable market structure and lower unrealistic price expectations.
Short-term holders (STHs) have surpassed the realized price of STHs, with slightly negative average profit margin, which has previously provided support during local corrections in uptrends. This could indicate that the market is consolidating, further supporting the idea of a potential local bottom. US macroeconomic indicators have been a key driver of Bitcoin movements, with market sentiment heavily influenced by the unpredictability of US monetary policy. Key economic indicators such as GDP, initial jobless claims, and inflation data (PCE) are expected to be released, which will have a significant impact on short-term trends in the market.
Despite the recent correction, the current state of the market suggests a local low for Bitcoin, with signs of stabilization. While waiting for the release of key economic indicators, there is a possibility of a positive turnaround in sentiments. The combination of factors such as the situation in the futures market and the position for short-term ownership offer a glimpse of hope for reviving the Bitcoin price in the near future. These indicators provide clues that there may be light at the end of the tunnel in terms of price recovery for Bitcoin.
With the recent correction in Bitcoin price, investors and analysts are closely monitoring the market for signs of a potential local bottom. Open interest has declined, and funding rates are near zero, indicating a more balanced market and potential stability. Futures market indicators suggest a fair deal between buyers and sellers, leading to a more favorable market structure and lower unrealistic price expectations. Short-term holders have surpassed the realized price of STHs, with slightly negative average profit margin, indicating market consolidation and potential support during local corrections in uptrends.
US macroeconomic indicators have played a significant role in driving Bitcoin movements, with market sentiment heavily influenced by the unpredictability of US monetary policy. Key economic indicators such as GDP, initial jobless claims, and inflation data are expected to be released, impacting short-term trends in the market. Despite the recent correction, there are indications of a local low for Bitcoin, with signs of stabilization and the possibility of a positive turnaround in sentiments. The combination of factors such as the futures market situation and short-term ownership position offer hope for a revival in Bitcoin price in the near future.
In conclusion, the recent correction in Bitcoin price has stirred interest among investors and analysts, with signs of a potential local bottom emerging. Open interest has declined, and funding rates are near zero, suggesting a more balanced market. Futures market indicators point towards stability, with a fair deal between buyers and sellers and lower unrealistic price expectations. Short-term holders have surpassed the realized price of STHs, indicating potential market consolidation and support during local corrections in uptrends. US macroeconomic indicators continue to drive Bitcoin movements, with key economic data releases expected to impact short-term trends in the market. Despite the recent correction, there are indications of a local low for Bitcoin, with signs of stabilization and the possibility of a positive turnaround in sentiments, offering hope for a revival in Bitcoin price in the near future.
