비트코인 (BTC) faced fresh doubts over the strength of its bull run on Oct. 7 as analysts eyed a potential reversal of Wednesday’s short squeeze.

BTC / USD 1 시간 캔들 차트 (비트 스탬프). 원천: 트레이딩뷰

Funding rates in the red zone

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hovered near $54,000 after failing to establish support at the $55,000 표.

The previous day had seen an abrupt surge to highs of $55,700 비트 코인, which was accompanied by major buying pressure.

As funding rates flip positive across exchanges, 하나, concerns on Thursday focused on what could end up being an opposing move lower.

Funding rates turning overly positive suggest that the market is expecting further upside and that significant value is long BTC. Under such circumstances, a mass unwinding of positions could hasten and intensify a downward move, should it begin.

Bitcoin funding rates vs. BTC / USD 차트. 원천: Bybt

The mood among investors was echoed by sentiment data, with the Crypto Fear & Greed Index hitting 76/100 당일, representing “extreme greed.”

“Investors are extremely greedy towards BTC right now,” trader and analyst Rekt Capital warned.

크립토 피어 & Greed Index as of Oct. 7. 원천: 얼터너티브.미

Preparing for profit-taking

While under $10,000 from all-time highs at one point, Bitcoin additionally faces significant resistance levels at $58,000, $60,000, and more on the way to returning to price discovery.

관련된: 가격 급등: 고래가 비트코인 ​​선물 ETF의 승인을 앞서가고 있습니까??

Cointelegraph가보고 한대로, October is slated to close just below the highs, while November could see a return to lower levels before a December finale obliterates current records.

그럼에도 불구하고, longtime market participants are already advising an exit strategy this week, among them John Bollinger, creator of the popular Bollinger Bands trading indicator.

Bollinger bands track upward and downward volatility of an asset and are currently hinting that calmer conditions should prevail. When the bands narrow, 하나, volatility follows.

BTC/USD 1-day candle chart (비트 스탬프) with Bollinger bands. 원천: 트레이딩뷰

알트 코인, 그 동안에, are not expected to deliver definitive cycle gains until next year.