The same findings suggest that the market might be about to experience a resurgence of volatility. But is Bitcoin experiencing robust demand in the derivatives segment?
Well, Bitcoin’s Open Interest has been down significantly over the last four weeks. Similarly, Bitcoin funding rates dropped considerably in the same time period.These findings are likely due to the low volatility that has prevailed during the latest consolidation phase. This confirmed that the demand was not quite there yet. If the bullish expectations turn out true, we will likely see a surge in demand for BTC this weekend and perhaps even in the coming week.
On the other hand, the MFI indicates that liquidity is gradually flowing back into Bitcoin. The RSI is also perfectly positioned for a potential bounce back at the 50% level. A look at Bitcoin metrics offers a bit of insight into BTC’s state. Ultimately, the fate of Bitcoin lies in the hands of addresses with large balances: whales. Addresses holding over 1000 BTC have been trimming their balances since 13 July.Despite the slight outflows, the same metric indicates that the levels held by whales are still notably high, especially compared to the lowest levels in June.
This once again points to the fact that there is currently low sell pressure. As such, the eventual outcome could still be a toss-up. But that outcome could sway towards the bullish side, thanks to
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