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Tuesday

28 September 2021

Bitcoin price flirts with $40K but derivatives data is still bullish

Bitcoin price flirts with $40K but derivatives data is still bullish


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There’s little doubt that shorts - traders betting on a price decrease - took the upper hand since the liquidation of the $3.54 billion worth of long (buyers) futures contracts on Sep7

13 announcement that it added over 5,050 Bitcoin at an average price of $48,099 was not enough to re-establish confidence, and the cryptocurrency’s price remained unchanged near $44,200.

Regardless of the reason behind the current price weakness, derivatives contracts have been displaying bullish sentiment since Aug 7.

However, these might seem complicated for retail traders due to their settlement date and the price difference from spot markets.

Check out how the current $14.8 billion figure is 23% above June and July’s $12 billion average.

Check out how the current $14.8 billion figure is 23% above June and July’s $12 billion average.

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cointelegraph.com
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