From the analysis of miners' positions and exchange trends, market sentiment is currently too divided.
On the one hand, miners are confident in the market. The MPI (miners' position index) indicator shows that they continue to hold Bitcoin and are not in a hurry to sell, which is usually a bullish signal. Other data on the chain also show that long-term holders remain stable and are in a state of cautious optimism.
But on the other hand, the increase in net inflows of Bitcoin to exchanges may mean more selling pressure in the short term. At the same time, the purchasing power of the US market is relatively weak, and the Coinbase premium is low. However, retail demand and institutional investors' interest in the Korean market are still strong, and this contrast further reflects the split in market sentiment.
Technical indicators such as RSI and stochastic indicators have not given clear trend signals at present, so everyone has to continue to wait and see. Although the funding rate and open interest in the derivatives market are rising, which means that there may be room for future price increases, it is still necessary to be cautious in the short term.
