Markets News Report Technology
June 26, 2024

CryptoQuant: Bitcoin Shows Signs Of Local Bottom After 15% Correction

In Brief

CryptoQuant released a recent market analysis indicating that following Bitcoin’s correction, signs of a possible local bottom have emerged.

CryptoQuant: Bitcoin Shows Signs Of Local Bottom After 15% Correction

On-chain and market data analytics firm CryptoQuant released a recent market analysis indicating that Bitcoin has undergone a correction of approximately 15% over the past three weeks, dropping from the $70,000 range to the $60,000 range.

Following Bitcoin’s correction yesterday, potential indications of a local bottom have surfaced. Open interest has decreased by approximately $3 billion in the last three weeks, primarily due to long liquidations. The funding rate for perpetual contracts has dropped to nearly zero, indicating a more balanced dynamic between buyers and sellers, contributing to a healthier and less excessively optimistic pricing environment.

In addition, the current price has exceeded the realized price for short-term holders (STH), which stands at $62,600. Short-term holders are currently experiencing slightly negative average profitability, historically marking a support level for local corrections during uptrends.

The company highlighted that an important driver of recent price fluctuations has been American macroeconomic data, with investor risk appetite influenced by uncertainty surrounding future local monetary policies. This week, market sentiment is expected to be impacted by the release of GDP and initial jobless claims, along with inflation data (PCE). Despite current market conditions, signs of a potential local bottom are becoming apparent.

Bitcoin Gains Slight Momentum Following Inflows Into ETFs 

At the time of writing, Bitcoin is trading at $61,534, reflecting a 1.32% increase over the past 24 hours. During this period, it reached lows of $60,780 and highs of $62,322. Bitcoin’s dominance currently stands at 53.43%, marking a slight increase of 0.03% from the previous day, according to data from CoinMarketCap. 

Following a period of subdued trading influenced by macroeconomic factors and outflows from exchange-traded funds (ETF), Bitcoin has gained momentum with $31 million in inflows into Bitcoin ETFs on June 25th, according to data from SoSoValue. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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