LIVE
$BTC WHY IS BITCOIN DUMPING?
1) Grayscale Outflow
Yesterday, Grayscale had an outflow of $302M along with a net outflow for Bitcoin ETFs.
There is still some major GBTC selling happening, probably from Genesis, and once it settles, BTC will resume its upward momentum.
2) Excessive Leverage
Whales always love to liquidate high-leverage longs and shorts.
Right now, OI is at new highs along with a positive funding rate, which indicates that there are more longs than shorts.
Whales are liquidating these longs, which happens every time.
3) Pre-halving Correction
BTC always goes down before halving, and the same thing is happening now.
4) Macro Factors
Recently,the negative correlation between Bitcoin and the 10-year US Treasury yield negative correlation has reached -90%.
This means whenever the 10-year Treasury yield is rising, BTC is dropping.
Yesterday, it rose by 4.3%, and thus #BTC dumped
If you liked this analysis, hit like and repost it.
LIVE