Data shows investors jumping back into fiat and a lack of bullish leverage in the crypto market suggests another correction is in the making.
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Pro Bitcoin traders are uncomfortable with bullish positions
BTC derivatives used by whales and market makers do not support a continuous price recovery above $24,000.
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Bitcoin derivatives data suggests bears will pin BTC below $21K leading in Friday’s options expiry
Bitcoin’s failure to break above $22,000 on July 8 opened room for bears to score a $100 million profit in this week’s options expiry.
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How Bitcoin’s strong correlation to stocks could trigger a drop to $8,000
The absence of a CME Bitcoin futures premium, unrelenting record-high inflation and investor concerns over the economy are all factors weighing on BTC price.
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3 key metrics suggest Bitcoin and the wider crypto market have further to fall
Traders are not as fearful as they were in June, but several metrics show the market is still standing on paper-thin support levels.
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Bitcoin traders expect a ‘generational bottom,’ but BTC derivatives data disagrees
BTC bulls think the bottom is in, but a neutral-to-bearish price formation and the absence of a futures premium contradict their optimism.
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