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09.12 - 23:43
Given the weekend CME close, next 24 hours crucial to Bitcoin crossing $60,000
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Bitcoin registered a strong recovery of 28 November with the price rising by 5%, after dropping down to a low of $53,500. However, bullish momentum hasn’t been monumental over the past few days, and recovery has been more conservative.
Yet, fundamentally, there were strong developments on the derivatives side as one metric suggested a change last witnessed in 2019.
Source: Ecoinometrics
According to data from Ecoinometrics, the smart money in CME Bitcoin futures indicated a net flat ratio between short positions and long positions. Here, the premium on futures is currently at par with the spot market. This has happened for the first time since 2019.
The report indicated that the recent approval of Proshares BTC futures ETF assisted in creating
Read more on ambcrypto.comAbout this in other media
The dip that shook the market and what lies ahead, as Bitcoin crosses $50,000 ambcrypto.com /2 years ago
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Bitcoin Below $50,000, At Early October Levels, After Weekend's Battering ndtv.com /2 years ago
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