Signs of a Local Bottom for Bitcoin?
📉 In the past three weeks, #Bitcoin❗ corrected by around 15%, dropping from $70k to $60k. However, there are signs of a potential local bottom, according CryptoQuant.
🔍 Futures Market:
▪️Open Interest dropped by $3 billion, mainly from long #Liquidations .
▪️Funding rates for perpetual contracts are near zero, indicating balanced buyer-seller dynamics and a healthier price structure.
💼 Short-Term #holders :
▪️Bitcoin’s price crossed the realized price of short-term holders (STHs) at $62.6k.
▪️STHs are now experiencing slightly negative profitability, a historical support point during uptrends.
📊 Macroeconomic Factors:
▪️U.S. macroeconomic data, including GDP, jobless claims (Thursday), and inflation (PCE) data (Friday), maybe influence market sentiment.
But current trends and data suggest a potential local bottom for Bitcoin.
