Bitcoin Market Faces Uncertainty Amid Speculation of Bhutan’s Potential BTC Liquidation
Main Idea
Bitcoin's market faces uncertainty due to leveraged long positions unwinding and speculation about Bhutan potentially selling part of its $1.2 billion BTC holdings, leading to short-term downside risk.
Key Points
1. Bitcoin is trading at around $116,500, showing a 0.85% decline, with signs of short-term downside risk.
2. Stress in Bitcoin's derivatives market is driven by the unwinding of leveraged long positions, indicating a cautious market tone.
3. Speculation about Bhutan selling its BTC holdings arose after a $59 million transfer to a new address, potentially adding selling pressure.
4. Technical indicators like the RSI (53.2) and MACD suggest neutral to bearish momentum, with potential support at $114,000 if selling continues.
5. Reclaiming $118,000 would be crucial for reigniting bullish momentum in Bitcoin's price.
Description
Bitcoin’s derivatives market is experiencing stress as funding rates drop sharply due to unwinding leveraged longs, compounded by speculation about Bhutan potentially selling part of its $1.2 billion BTC stash.
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