Signs of a Local Bottom for Bitcoin?

๐Ÿ“‰ 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.

๐Ÿ” Futures Market:

โ–ช๏ธOpen Interest dropped by $3 billion, mainly from long liquidations.

โ–ช๏ธFunding rates for perpetual contracts are near zero, indicating balanced buyer-seller dynamics and a healthier price structure.

๐Ÿ’ผ Short-Term Holders:

โ–ช๏ธBitcoinโ€™s price crossed the realized price of short-term holders (STHs) at $62.6k.

โ–ช๏ธSTHs are now experiencing slightly negative profitability, a historical support point during uptrends.

๐Ÿ“Š Macroeconomic Factors:

โ–ช๏ธU.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.