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Will $30K be a new springboard for Bitcoin bulls?

Published 06/27/2023, 04:30 AM
Updated 06/27/2023, 05:20 PM
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BTC/USD
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After a failed rally above $31,000 on June 23, Bitcoin (BTC) has sustained the $30,300 resistance for the past three days. Curiously, this happened while gold reached its lowest level in three months, trading at $1,910 on June 22, down from a $2,050 peak in early May.

Investors now question how solid Bitcoin’s $30,000 support is. So analyzing what caused the recent price rally is essential to understanding how traders are positioned on BTC margin and futures markets.

OKX stablecoin/BTC margin-lending ratio. Source: OKX
Exchanges’ top traders Bitcoin long-to-short ratio. Source: CoinGlass

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