Bitcoin eyes macro jump to $70K after drop below $60k – Whats next for BTC?
The price of Bitcoin [$BTC] recently dropped from $60,000 to $58,000. However, at press time it was trading at $61,540.15, following a 2.01% increase in the past 24 hours. But a month-long decline of 8% is now raising concerns for the king coin. Consequently, given that the RSI was above 55 at press time and the MACD was flashing green bars, the price analysis suggested that bulls were strong. However, if looked at closely, the bull signs were not forceful, as the Signal line and MACD lines were almost joining. Additionally, Bollinger Bands expanding following a squeeze indicated the presence of upcoming volatility. Source: Trading ViewBitcoins on-chain metrics spark concerns Still, instead of being completely pessimistic, CryptoQuants most recent CME Bitcoin futures data suggested a market reset. Source: CryptoQuant According to the chart, the net long exposure of asset managers has decreased to $800 million, the lowest since the introduction of U.S. spot Bitcoin ETFs. However, they still maintain a nearly 2:1 long-to-short ratio, indicating a decrease in conviction rather than a bearish shift. Source: CryptoQuant Meanwhile, the leveraged funds have cut their net short positions by 67.5% as shrinking futures premiums made basis trades less profitable. Moreover, open interest has decreased by 63.5%, which is significantly greater than









