According to CryptoQuant, the liquidation of short positions in #Bitcoin hit their highest level in almost a month when the price reached US$64,500 yesterday. A continued downward adjustment of the funding rate, from 0.006% to 0.003% in 24 hours, could mean further short position squeezes. Weak demand in the spot market raises questions about whether the rally is sustainable after a week marked by net outflows of US$267 million from BTC ETFs.
Recent buyers who are still at a loss on their BTC holdings have helped consolidate the current trading range. Short-term holders—wallets that hold BTC for less than 155 days—have a cost basis of around US$68,700, reinforcing that level as resistance.
Recent buyers who are still at a loss on their BTC holdings have helped consolidate the current trading range. Short-term holders—wallets that hold BTC for less than 155 days—have a cost basis of around US$68,700, reinforcing that level as resistance.