• Market Cap: $2,393,027,584,491.41
  • 24h Vol: $52,614,145,197.30
  • BTC Dominance: 51.54%

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Bitcoin Price Declines, Yet Data Suggests $30K and Above as Easier Route

Bitcoin Price Declines, Yet Data Suggests $30K and Above as Easier Route

Despite a price correction to $29,000, Bitcoin traders are betting on a quick rebound.

Bitcoin’s major trading metrics continue to project a bullish outlook, indicating that professional traders have not reduced their leverage longs.

Whales’ inflows to exchanges reached their highest level in over three years, causing concern among investors.

Bitcoin’s crash may have been related to the U.S. dollar’s reversion and a reversal in the U.S. Dollar Index’s trend of devaluation.

Margin and derivatives markets show that professional traders have remained resolute, adding leveraged long positions despite the price crash.

The options market also indicates that professional traders remain unfazed by the flash crash.

There are positive triggers on the horizon, such as the possible approval of a spot Bitcoin exchange-traded fund and gaining regulatory clarity.

Overall, there are higher odds of a recovery above $30,000 in the short term, as Bitcoin’s fundamental strengths remain intact.

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