Bitcoin Market Analysis: Potential Price Bottom

In our previous QuickTake SOPR analysis, we highlighted the potential for a price bottom. Today, we delve deeper into this possibility.

Recent data indicates an increase in Bitcoin deposits to futures exchanges. This trend is accompanied by a market sentiment dominated by fear, and a shift in the funding rate to negative territory.

Historically, such conditions have led to increased Bitcoin deposits to futures exchanges, often resulting in a price rise. This presents a strategic opportunity for futures whales to consider opening long positions.

Authored by Mignolet