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Bitcoin price is down, but data signals that $30K and above is the path of least resistance

Published 07/25/2023, 04:39 PM
Updated 07/26/2023, 03:20 AM
© Reuters.
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On July 24, Bitcoin experienced a flash crash, plummeting to $29,000 in a movement now attributed to significant Bitcoin holders potentially liquidating their positions.

Amid the crash and market uncertainty, Bitcoin’s (BTC) three major trading metrics continue to project a bullish outlook, signifying that professional traders have not reduced their leverage longs through the use of margin and derivatives.

U.S. Dollar Index (DXY). Source: TradingView
OKX stablecoin/BTC margin lending ratio. Source: OKX
Bitcoin 2-month futures annualized premium. Source: Laevitas
Bitcoin 30-day options 25% delta skew. Source: Laevitas

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