Bitcoin’s current market structure is a prime example of what could be “the biggest bull trap” we have ever seen, this could suggest that the cryptocurrency is well-positioned to see a massive near-term decline.
BitMEX has shown a funding rate of around 0.077% for Bitcoin perpetual swaps in the last two days. That shows that the overwhelming majority of the market is longing BTC, leaving the cryptocurrency vulnerable to a potential long squeeze.
From my modeling I am expecting it to pullback towards $8,200, long term(4th Q).
These are just my opinions, and in no way advice on trading instruments.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.