Bitcoin, which rose above $ 36.000 in the last days of June, could not continue this profit in the first days of July and fell to $ 33,000. Although BTC, which changed hands at $ 33,684 at the time of writing, could not sustain this short-term rise, various metrics show that Bitcoin (BTC) is ready to experience a comeback, according to on-chain cryptocurrency analyst Will Clemente. The analyst believes that the current state of BTC could change in a few weeks.
Will Clemente: These factors point to a bullish Bitcoin price
Clemente said that the Bitcoin Perpetual Futures funding rate has been negative recently, which is a bullish signal. “The funding rate has been negative for 11 days,” Clemente pointed out. According to the analyst, this means that “short sellers pay those who open long positions to keep their positions open.” For those who have no idea how this situation works, the analyst summarized it as follows:
Long term overfunding = Bearish, Long term negative funding = Bullish
Clemente points out other metrics for BTC price
Cryptocoin. As we reported on com, Clemente wrote a blog post last week in which he stated that the liquid supply rate of Bitcoin shows that BTC has returned from weak hands to strong hands. In this article, “There is a clear difference in rate. There is a smaller decrease in the price and a larger increase in the ratio,” he said. “So strong hands are buying more and more as the price drops,” the analyst said.
The analyst also highlighted the scale SOPR (Profit to Outcome Ratio) metric, which measures the profit realized for all coins carried on-chain. For this metric, “Once again, there is a less drop in price while there is a greater drop in rate. The last time there was such a clear bullish divergence was in January – the price was starting to follow a strong rally,” he said. Clemente emphasizes that these metrics show that the Bitcoin price may reverse in the next few weeks.
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