Bitcoin Recovers from Overnight Plunge, But It’s in a “Dangerous” Position

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Bitcoin saw some wild overnight volatility that came about after a flurry of selling activity liquidated long positions and sent its price reeling lower This selloff was quite intense and caused the aggregated market to face some immense selling pressure that is showing no signs of letting up One analyst explained that where the market trends next will undoubtedly depend largely on the derivatives market He notes that funding rates are still quite high and may hamper the cryptocurrency’s outlook for the time being As such, he is calling the crypto’s current positioning “dangerous” – despite the strength of its rebound Bitcoin has seen another massive drop and recovery, which is commonplace during parabolic moves higher. One analyst explained that he is now watching for the entire market to see continued weakness, noting that high funding rates on margin trading platforms indicate that a wave of selling pressure could be…

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