Bitcoin has begun to drop lower once again despite the flush on Monday to $30,000. The leading cryptocurrency currently trades for $32,500, below the $36,000 highs the cryptocurrency saw during a bounce earlier today.
Bitcoin’s drop comes in spite of the fact that the funding rates on leading crypto-asset futures platforms have reset. The funding rate is the reoccurring fee that long positions pay short positions to maintain the price of the future to the spot price. High funding rates, such as those seen on Saturday, are what signaled a correction to many on the weekend.
The cryptocurrency could see further losses, some analysts say.
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Bitcoin Set to Drop Lower?
Not all analysts are convinced that the Bitcoin shakeout is done despite the cryptocurrency losing nearly 30% in the span of 48 uren.
Commenting on the recent price action and what is likely to come next, one crypto-asset analyst recently remarked:
“Still think we could use another drop lower to really take out some liquidity to fuel the next leg up to $50k+”
Chart of BTC's price action over the past few months with an analysis by crypto-asset naalyst HornHairs (@CryptoHornHairs op Twitter). Bron: BTCUSD from TradingView.com
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On-Chain Trends Remain Bullish
Despite Bitcoin’s drop, on-chain trends for this market remain bullish. Aleks Larsen, een venture-investeerder bij Blockchain Capital, said on HODLer trends for Bitcoin:
“6 / Ziet er goed uit voor groeipercentages in het HODLer-segment! Nice and steady growth for BTC through the bear market. De detailhandel begint binnen te komen, maar voor de meeste 2020 dit was institutioneel gedreven - minder extra houders, maar veel grotere posities. "
Another positive sign to look forward to is Grayscale Investments re-opening private placements for its cryptocurrency investment trusts.
Analysts found in December that whenever private placements were closed, Bitcoin underperformed. The reopening of these trusts to institutional and accredited players may drive prices higher as capital floods into the space.
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Uitgelichte afbeelding van Unsplash Grafiek van TradingView.com Prijskaartjes: xbtusd, btcusd, btcusdt Bitcoin Just Dropped Below $33,000 Despite Recovery to $36,000
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