14-11-24

BTC 4-hour chart update (CP 76672)

Fear and Greed: 88 (Ex, Greed), yesterday 84 (Ex. Greed)

BTC Dominance: 60.72% Dominance has decreased from yesterday

Price action: Price went down almost 3% and took support from the ema ribbon but was bought up immediately. Currently price is trading below the 8 ema.

Premium Index: PI has increased since yesterday and currently at 0.0634 %.

Funding Rates: FR has decreased since yesterday and currently at 0.0164 %.

Open Interest: OI is at $53.907 B which has decreased from yesterday

Volume: Vol. is at $66.714 B which has decreased from yesterday

To conclude: The funding rates have reduced further signaling a growing bearish sentiment. As more traders are open short positions, the potential for a long squeeze cannot be ruled out. A notable increase in the premium index suggests that speculative activity in the derivatives market might be outpacing genuine spot demand, raising concerns about potential price corrections. Both open interest and trading volume have seen a slight decrease, hinting at decreased market pressure and reduced interest which might mean the uptrend is cooling off. The interplay of these factors paints a complex picture. The elevated premium index introduces a note of caution. In essence: The market is exhibiting a bullish undercurrent, but it's essential to remain vigilant. The combination of speculation and increased market activity could lead to price swings, making it crucial to monitor market developments closely.