Rally

bullish

Bitcoin

when

Bitcoin continues to move sideways as it struggles to stay above $60,000 but fails to do so.
After August, which was historically a month of decline and weakness, investors who were expecting a rise in September received good news of a Bitcoin rally from K33 analysts.
Speaking to Bloomberg, K33 Research analysts Vetle Lunde and David Zimmerman stated that they predicted a possible Bitcoin rally triggered by the short squeeze, pointing out that short positions in BTC are tightening, according to Bitcoin derivatives market data.
A signal from the Bitcoin derivatives market suggests that the risk of a “short squeeze” that could trigger sharp increases in Bitcoin is increasing, according to analysts.
Analysts noted that the signal from the derivatives market was the funding rate metric for Bitcoin perpetual futures, adding that this metric helps gauge how bullish or bearish speculators are.
At this point, analysts said the seven-day average annual funding rate on August 20 was at its lowest level since March 2023, when U.S. bank failures shook investors, suggesting a majority of bearish short positions.
K33 analysts Vetle Lunde and David Zimmerman said in a note:
<blockquote>
 “Continuous swap funding rates have averaged negative levels over the past week, while open interest has risen sharply.
 This data shows that Bitcoin is being shorted aggressively and that structurally, short positions are heading towards a squeeze.
 “Such a short squeeze forces investors to close their bearish bets, setting the stage for surprise price jumps.”
</blockquote>
Analysts are predicting that this rare combination of rapidly rising open interest and negative funding rates has created an environment for a potential short squeeze, which could in turn lead to strong rallies in Bitcoin, according to the latest data.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/analysts-gave-good-news-k33-said-there-is-big-rally-signal-in-bitcoin-explained-the-details/" rel="noopener noreferrer nofollow">Analysts Gave Good News! K33 Said There Is "Big Rally Signal in Bitcoin", Explained the Details!</a>

Analysts Gave Good News! K33 Said There Is "Big Rally Signal in Bitcoin", Explained the Details!

Bitcoin Sistemi EN

Autres articles publiés le 21 août 2024

Bitcoin is Recovering! $60,000 Surpassed Again – Here’s the Reason for the Surge

El Salvador Educates Public Officials on Bitcoin in Landmark Training Initiative

Binance Resumes Full Operations in India After Securing FIU Registration and Paying $2.25M Fine

STRK Holders Set to Vote on Staking for Starknet Ecosystem

Arbitrum (ARB) And Mantle (MNT) Investors Flock to Rollblock As Analysts Predict 200x Gains

Bitcoin Slowly Gains Inflow; Solana Records Largest Outflow

Join our free newsletter for daily crypto updates!