Genesis Market Director Noelle Acheson: Not optimistic about BTC rebound

On February 8, Bitcoin stood at $45,000 on February 8. Fundstrat analyst Mark Newton said in the latest analysis report that Bitcoin and Ethereum were helped by a large number of short positions on Friday. After breaking this technical level, “further gains are likely in the coming weeks, with an initial upside target of $45,000 and then $51,100.” However, some pundits are not bullish on Bitcoin’s rally, especially after its last rally. After falling below the $40,000 level twice a month.

The digital currency is currently trading well below its all-time high of over $60,000 reached last year. Noelle Acheson, head of markets at Genesis, said, “It may just be a rally, with open interest in bitcoin futures rising again, indicating that traders are starting to ‘demonstrate’ again, however, with bitcoin perpetual futures funding rates hovering around zero, this indicates uncertainty.

If investors hold short positions, funding rates will be more negative and some open interest will accelerate. Uncertainty is the main characteristic we observe, and considering the volatility of the cryptocurrency market, anyone with a large short position is a bit crazy. “

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