Very Dangerous Setup for Bitcoin 🚨
Bitcoin open interest is near yearly highs while Coinbase premium stays flat.
Late longs are piling in but spot demand isn’t following.
This usually ends very badly. https://t.co/W5vCWqjedT
Very Dangerous Setup for Bitcoin 🚨
Bitcoin open interest is near yearly highs while Coinbase premium stays flat.
Late longs are piling in but spot demand isn’t following.
This usually ends very badly. https://t.co/W5vCWqjedT
$SPX 500 all time high
$QQQ all time high
$BTC down 35.5% from ATH 📉
Funding is telling us that bears are over-levered even here, if we can keep this up, we will squeeze them. They will cover and we will squeeze again.
The cycle is reflexive.
Price, sentiment, price, squeeze, sentiment, price
We have now climbed over 30% from the lows for $BTC and funding is still negative.
Each vertical white line marks a day of negative funding... https://t.co/neHzTqFSZr
Bitcoin (BTC) is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.