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Price on Life Support. Bitcoin ran it up to $64.5k overnight before topping out and proceeding to slide throughout Wednesday morning alongside TradFi markets to breach Saturday’s local lows. When will the bleeding stop?
Commencing from the Monday highs, last week’s slide eviscerated $6.6B (19%) of the open interest on BTC futures (primarily from the long end), allowing funding rates on BTC to dip into negative territory for the first time in 2024.
While crypto markets are undeniably healthier from a leverage perspective this week, broader risk markets have ridden a profound wave of bullish momentum since October and this force now appears to be favoring bears. The failure to break out last week combined with the current move lower indicates that a distribution range marking the top may have already formed.
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