Bitcoin – Is the Bottom In?
Bitcoin is currently at $37850 – is the bottom in?
Historically accurate Bitcoin metric suggests BTC price has bottomed out
“‘This looks promising in terms of finding a bottom,’ noted Lilly in his newsletter.
‘It harkens back to why we use funding rates so much. Because just when people think crypto is coming to an end and it’s off to the woodshed, it bounces back.’
He added that based on basis readings alone, it is a good time for Bitcoin spot traders to accumulate, albeit noting that it does not mean opening leveraged long positions in the futures market.
The risks appeared higher in the derivatives market due to lack of bullish transactions. Lilly said the sell-off pressure has not subsided even after 6 billion worth of USD Coin (USDC) entered the market — a sign that traders want to use the dollar-pegged stablecoin to buy cryptocurrencies like Bitcoin.
‘Right now we’re flying in no man’s land,’ he added.”