Bitcoin’s Price is Failing to Convince the Margin Markets That It is Bullish

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Bitcoin has been caught within a firm uptrend that has allowed it to shatter its correlation with the stock market as it continues marching higher Despite the overt bullishness of this move, funding rates have been on the brink of being negative on many major trading platforms This shows that demand for short positions remains high, and that traders are widely trying to time its top Furthermore, this trend is observed while looking towards Bitcoin’s long versus short ratio on major exchanges This means that Bitcoin could continue rallying, using these short positions as fuel for a strong move higher Bitcoin and the entire crypto market have been caught in the throes of a sideways trading bout throughout the past couple of days. BTC has been unable to shatter the heavy resistance that sits just above its current price, with buyers and sellers both being unable to gain any serious…

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