Bitcoin

Coin

<ul class="news-points">
 <li>Gustavo Faria thinks that a local bottom has emerged on the Bitcoin price.</li>
 <li>Bitcoin underwent a correction of approximately 15% in the past three weeks.</li>
 <li>OI figures indicate a greater balance between buyers and sellers.</li>
</ul>
Bitcoin may have found a local price floor, according to Gustavo Faria, co-founder of analytics firm Nosy. Faria’s analysis cites key on-chain and market indicators suggesting a potential turning point for the leading cryptocurrency.
In a <a href="https://cryptoquant.com/insights/quicktake/667adec2a0017a125b2c7a56-Signs-of-a-Local-Bottom" target="_blank" rel="noopener noreferrer nofollow">recent analysis</a>, Gustavo Faria observed that Bitcoin has experienced a 15% correction over the past three weeks, falling from the $70,000 range to the $60,000 range.
Meanwhile, the financial expert observed a crucial development in the futures market, with open interest declining by about $3 billion in the past three weeks, primarily due to long liquidations. Faria identified a development that indicates a more balanced dynamic between buyers and sellers. He noticed that funding rates for perpetual contracts have dropped to near zero, resulting in a healthier and less overly optimistic price structure.
Faria’s analysis also covered Short-Term Holders (STHs), whose realized price he indicated was $62,600. …
The post <a href="https://coinedition.com/u-s-economic-data-to-determine-short-term-bitcoin-price-movement/" rel="noopener noreferrer nofollow">U.S. Economic Data to Determine Short-Term Bitcoin Price Movement</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

U.S. Economic Data to Determine Short-Term Bitcoin Price Movement

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