Everyone is celebrating $BTC climbing 4% to $66.4K. But you need to look at who is actually buying. We just saw $515M liquidated in 24 hours. $187M of that was Bitcoin alone.
The key here is the funding rates. They turned negative recently. That means the crowd was shorting. As prices ticked up, those shorts were forced to buy back in to cover their losses. This rally is largely fueled by forced closing, not just new capital flooding in.
We are back above the $2.3T total market cap. The chart says we need to hold $2.27T to have a shot at $2.4T. If we lose that floor, the fear index (which hit 16) is going right back down.
Do you trust a rally built on short squeezes, or are you waiting for spot volume to confirm the move?
https://i.redd.it/hllxjmiuigmg1.jpeg
Posted by Crypto_future_V