Bitcoin, the largest cryptocurrency showcased some vital signs of life post a consolidation $20k phase.
Although, the effort wasn’t enough as liquidations surrounding the crypto market intensified. On-chain data shows Bitcoin funding rates have sunk into deep negative values.This could pave a potential short squeeze, thus, affecting BTC’s price.
𝘾𝙤𝙪𝙡𝙙 𝙩𝙝𝙞𝙨 𝙖𝙞𝙙 𝘽𝙏𝘾 𝙩𝙤 𝙚𝙨𝙘𝙖𝙥𝙚 𝙩𝙝𝙚 $20𝙠 𝙩𝙧𝙖𝙥?
BTC’s price action has squeezed into $18-$21k in the past two weeks.
Traders are taking a hands-off approach to Bitcoin and altcoins until BTC successfully flips the $20,000 level back to support.
The bears are attempting to sink Bitcoin (BTC) below $19,000 to further cement their advantage over the crypto market.
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