Signs of a Local Bottom for Bitcoin?
๐ In the past three weeks, Bitcoin corrected by around 15%, dropping from $70k to $60k. However, there are signs of a potential local bottom, according CryptoQuant.
๐ Futures Market:
โช๏ธOpen Interest dropped by $3 billion, mainly from long liquidations.
โช๏ธFunding rates for perpetual contracts are near zero, indicating balanced buyer-seller dynamics and a healthier price structure.
๐ผ Short-Term Holders:
โช๏ธBitcoinโs price crossed the realized price of short-term holders (STHs) at $62.6k.
โช๏ธSTHs are now experiencing slightly negative profitability, a historical support point during uptrends.
๐ Macroeconomic Factors:
โช๏ธU.S. macroeconomic data, including GDP, jobless claims (Thursday), and inflation (PCE) data (Friday), maybe influence market sentiment.
But current trends and data suggest a potential local bottom for Bitcoin.