Signs of a Local Bottom for Bitcoin?

📉 In the past three weeks, Bitcoin corrected by around 15%, dropping from $70k to $60k. However, there are signs of a potential local bottom, according CryptoQuant.

🔍 Futures Market:

▪️Open Interest dropped by $3 billion, mainly from long liquidations.

▪️Funding rates for perpetual contracts are near zero, indicating balanced buyer-seller dynamics and a healthier price structure.

💼 Short-Term Holders:

▪️Bitcoin’s price crossed the realized price of short-term holders (STHs) at $62.6k.

▪️STHs are now experiencing slightly negative profitability, a historical support point during uptrends.

📊 Macroeconomic Factors:

▪️U.S. macroeconomic data, including GDP, jobless claims (Thursday), and inflation (PCE) data (Friday), maybe influence market sentiment.

But current trends and data suggest a potential local bottom for Bitcoin.

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Thanks for the update on Bitcoin's potential local bottom. Let's keep an eye on the market to see how things progress!  crypto