Bitcoin: With these holders joining the BTC buy party, traders can expect that…

Various addresses were accumulating BTC, thus, indicating broad-based interest Miner outflow witnessed an increase, thus indicating growing sell pressure Based on data from Santiment, addresses of various sizes were accumulating Bitcoin [BTC] over the last few weeks. This accumulation could have played a role in the recent BTC rally. The accumulation also indicated that not […]

, funding rates for Bitcoin hit a 14-month high. Funding rates are the amount paid by traders in a long position to traders who are in a short position.

In previous occasions where funding rates were as high as they were on 15 January, Bitcoin had a pullback. This could be a cause for concern for traders as it suggests that there may be a high level of leverage in the market. This coud lead to a more violent price move if sentiment changes. Lastly, traders sentiment was slowly getting negative as well. According to coinglass, the percentage of short positions being taken on Bitcoin was 51.02% at press time.It is yet to be determined whether the traders shorting BTC will turn out to be correct. At press time, the price of Bitcoin was $20,730.97 and it fell by 1.23% in the last 24 hours.Subscribe to get it daily in your inbox.

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