Bloomberg analyst: The possibility of Bitcoin consolidating sideways is greater than it falling further
ChainCatcher news, Bloomberg crypto analyst Jamie Coutts stated on social media that Bitcoin has experienced significant price fluctuations since the unwinding of yen arbitrage trades. Coutts pointed out several key points:
He underestimated the impact of the rapid rise in open interest (OI) and perpetual contract funding rates earlier this year;
The market's neutral stance before the unwinding of yen arbitrage trades limited the extent of liquidation so far;
Although Bitcoin prices may fall further, a decrease in open contracts and negative funding rates suggest a greater likelihood for Bitcoin to consolidate sideways;
It is expected that central banks will intervene soon, which makes Bitcoin attractive at its current price level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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