) price faced a moderate correction to $68,430 on March 27 after failing to break above the $71,000 mark. Data from Bitcoin derivatives data reveal a decline in bullish sentiment among professional traders over the past week, which could possibly indicate that the $69,000 level will not hold.Despite a rally from $63,800 to $70,000 in the five days leading up to March 27, only $151 million in leveraged short positions were forcibly closed in the BTC futures markets.
On a positive note, Bitcoin has demonstrated resilience by recovering from a 17.6% drop from $73,757 on March 14 to $60,795 on March 20 without causing panic among spot ETF investors. However, some market observers argue that the primary driver behind BTC reaching a new high before the Aprilrecorded on March 26. Crucially, this was not due to reduced outflows from Grayscale's GBTC, indicating genuine institutional demand even as Bitcoin's price lingered just 4% below its peak.
Analysts can discern whether whales and arbitrage desks are adopting a bullish or bearish stance by analyzing aggregated positions across spot, perpetual, and quarterly futures contracts.On Binance, the long-to-short ratio among professional traders was 1.50, favoring long positions on March 22, a figure that has slightly decreased to 1.42 currently. On OKX, the sentiment was much more bullish on March 22, with a long-to-short ratio of 3.
Furthermore, analysts caution that a Fed rate cut may signal troubles rather than prosperity. Paul Hickey, co-founder of Bespoke Investment Group,his concern over the lack of earnings growth posing the greatest risk to the stock market. He also highlighted worries about the overemphasis on artificial intelligence, which has significantly propelled the stock market's recent gains.
The diminished interest in leveraged BTC longs should not alarm investors, nor a signal that Bitcoin will trade below $69,000, as it likely reflects broader economic recession concerns and external pressures, such as the U.S. Justice Department'sThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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