03-12-24

BTC 4-hour chart update (95366)

Fear and Greed: 76 (Ex, Greed), yesterday 80 (Ex. Greed)

BTC Dominance: 56.03% Dominance has decreased from yesterday

Price action: Price has lost the 4 hour ema ribbon. Resistance 100k and support at 92k.

Premium Index: PI has increased since yesterday and currently at 0.0416 %.

Funding Rates: FR has decreased since yesterday and currently at 0.018 %.

Open Interest: OI is at $56.598 B which has decreased from yesterday

Volume: Vol. is at $35.13 B which has increased from yesterday

To conclude: Market sentiment is currently divided. Decreasing funding rates point to potential short-squeeze, which could drive prices higher. However, the rising premium index suggests that this upward pressure may be fueled by speculative trading rather than genuine demand. Additionally, decreased open interest signal reduced market pressure. while increase trading volume shows higher trading volume. Given these conflicting signals, a period of consolidation is anticipated, with the market's next move dependent on future developments.