The article discusses the current state of Bitcoin and its outlook in the market. Despite some stability at spot rates, the overall trend remains bearish due to a dump on September 7. The ongoing accumulation of leveraged positions since March 2024 adds uncertainty to the direction of prices, but sellers currently have the upper hand. If bulls can regain control, it would be a boost for sentiment, but the build-up in leverage positions indicates increased volatility in the coming days. Trading volume has shrunk in the past two weeks, and Bitcoin has experienced a significant drop in value since late August. However, the average funding rate across derivatives exchanges has remained bullish, possibly due to Bitcoin's recovery from Q3 2023. Bulls in the derivatives market would require a steady price recovery, with a break above key resistance levels likely to stimulate demand. However, there have been outflows from spot Bitcoin ETFs, suggesting institutions are playing it safe amid falling prices.
- Content Editor ( newsbtc.com )
- 2024-09-10
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