Bitcoin, the largest cryptocurrency showcased some vital signs of life post a consolidation $20k phase.
Although, the effort wasnβt 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 BTCβs price.
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BTCβs 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.