Sub-30k dip unleashes the Bitcoin bears
The bears are out in full force.
As $BTC dipped below $30k once again, the top coin’s fundamental data suggests a string of panic sell-offs, bearish sentiment and HODLer capitulation.
Good for BTC?
Let’s start by looking at Bitcoin-related market sentiment. According to our derivatives data, the perpetual contract funding rate on Bitmex has dipped to a 3-month low, and stands at -0.03% at the time of writing:
The funding rate is a fee paid by one side of the perpetual contract to the other. In a word, when the funding rate is positive, the BTC longs pay the BTC shorts - and vice versa.
Although the longs dominated the boards for the first half of January, the last week has seen multiple forays into the negative funding rate
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