$BTC y

Market update 🚨🚨

The market situation turned slightly to negative, with the situation in the Middle East continuing to remain vigilant.

Trading volumes continue to decline, and open interest volume as well.

Huge liquidations took place for Long deals in the last 24 hours, as was the case in previous days, and it is not expected that there will be positivity in the market as this situation continues, which is why we began to see funding rates turning negative since last year, especially Bitcoin funding rates.

The memes section was the only one that saw a positive influx in open interest volume. (Not a good indicator).

As I mentioned yesterday; The market continues to move in a ZigZag pattern between the $62,000 ~ $65,000 levels, with clear manipulation on the part of the platforms. (You can notice that all positive indicators decline with each rise in Bitcoin and its approach to the level of $65,000, and funding rates turn negative after that due to professional traders’ acumen of what is happening, so the sizes of short versus long transactions increase.)

Bitcoin succeeded in reaching the $67,000 level, supported by news of approval to launch Bitcoin and Ethereum index funds in Hong Kong, but the rise was short-lived, and it returned to the same levels mentioned.

Note that the funds have only been approved and have not actually started operating. (No market flows yet).

To be continued...⬇️