Hello everyone, Bitcoin is chopping sideways but the CME close has been around $40600 and that means we're still holding above it for now, and we know that CME acts as a magnet in most cases. It would be nice if Bitcoin retests that CME close and even the $39600 level where a lot of shorts are trapped and after that retrace back up to the supply zone, and then we'll see what happens next. Either the price will stay in the supply zone and rise up and make a HH on the daily so we'll have a bullish market structure or price retrace back where a few Naked POC and demand zones are waiting to be filled.
Data Analysis
1. Funding Rates For Perpetual Swaps
All rates quoted are 8-hour rates. Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders. Funding rates (0.01%) is neutral. Funding rates(below 0.01%) are green colour,it's bullish .Funding rates (above 0.01%) are red color, it's bearish. The stronger the bearish or bullish sentiment, the darker the color.
2. Total Liquidations $BTC
3. Exchange $BTC Long/Short Ratio
4. Top Futures Traders Positions/Accounts
All percentages represent long percentages. U=USDT or USD Margined ,C=Token Margined,F=Futures.
Long Position % = Long positions of top traders / Total open positions of top traders
Short Position % = Short positions of top traders / Total open positions of top traders
Long/Short Ratio (Positions) = Long Position % / Short Position %
Long Account % = Accounts of top traders with net long positions / Total accounts of top traders with open positions
Short Account % = Accounts of top traders with net short positions / Total accounts of top traders with open positions
Long/Short Ratio (Accounts) = Long Account % / Short Account %
Disclaimer: Not financial advice. If you blindly follow people on the internet you deserve to lose money.
Hope you found today’s article helpful. If you want to learn more about trading and crypto in general follow me at @fizzonmyjayyce. And btw I trade on FTX (i will make money if you sign up and you will get 5% fee discount). Have a nice day :)