Ever since Bitcoin failed to hold above $60,000, the price has maintained a consolidated descending trend. Although the bulls are trying hard to validate a bullish rebound, their strength raises concern over the next price action. However, the market dynamics are expected to change with the end of the ongoing quarter, which could circulate fresh bullish waves across the markets.
Bearish sentiment appears to have been strengthening within the markets as the future price has slipped below the spot price. Ever since the BTC price dropped below $60,000, the funding rates have been plunging constantly and reached the lowest in the past 30 days.
As the spot prices are higher than the longs, the traders holding short positions are paying the fee to the long position holders. This also suggests the bulls are being vigilant over the upcoming price action and hence may enter at the right time. However, sometimes it also indicates a potential short squeeze if the trend reverses.
Having said that, when will the BTC price trigger a rebound?
The Bitcoin price has been stuck within a steep descending trend for over a month, suggesting the prevailing trend may continue to persist for some more time. A popular analyst, Justin Bennett, predicts the price to hit the interim support close to $53,000, where the buyers are expected to step in.
However, the Bitcoin price is printing long upper or lower wicks, which usually get partially filled. This failed to become the magnet and trigger a rise to $63,000, suggesting the markets and the BTC price are still unclear as of now. Hence, the market participants are required to remain calm and be extremely vigilant, and focus on the changing market dynamics within the markets.
