#MarketDownturn

BTC 24-hour chart Outlook: Short term Bullish

Fear and Greed: 33 (Fear), yesterday 26 (Fear)

BTC Dominance: 57.26% Dominance has increased from yesterday

Price action: Price is above the 4-hourly ema ribbon and currently trying to break through the daily ribbon but currently being rejected. Strong resistance at 59 to 60k level. Support at 52k, next support at 50k and strong support at 42k.

Premium Index: PI has decreased since yesterday and currently at -0.0463 %.

Funding Rates: FR has increased since yesterday and currently at 0.0023 %.

Open Interest: OI is at $25.355 B which has increased from yesterday

Volume: Vol. is at $25.424 B which has increased from yesterday

To conclude: Market sentiment is positive as positive funding rates suggest a prevailing bullish stance. This heightened bullish sentiment could potentially create conditions for a long squeeze. The premium index has fallen which further highlights the fundamental demand for the asset. Similarly, the outlook remains positive, with growing trading volume which means more liquidity. However, Open interest has increased signifying increase in speculative activity and therefore pressure from the derivatives contracts. No matter how you read it the indicators are positive for the short term.