Matrixport: After quickly building positions, Bitcoin usually goes through a brief consolidation period, after which the bull market may continue
According to Matrixport data, Bitcoin is currently digesting the surge of the past few weeks. Its open contract volume has increased from $18 billion in October to $29 billion, an increase of 50%. At the same time, the Bitcoin funding rate also soared from 10% to a high of 80%. Historical data shows that after such rapid position building, there is usually a brief consolidation period, followed by a possible continuation of the bull market.
Analysts believe that this pattern may reappear, especially during the Christmas holiday when market trading is light. Investors are turning their attention to the new year and expecting new capital inflows to further drive up Bitcoin prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget will launch ai16z (AI16Z) in the Innovation Zone, AI Zone, and Meme Zone