Bitcoin Derivatives Reset: Neutral Funding And Whale Withdrawals Hint At Bullish Shift
Bitcoin (BTC) is near its all-time high of $111,814, with signs of a reset in the derivatives market. The Binance Liquidation Delta indicates significant long position liquidations, sometimes exceeding $40 million, suggesting bearish pressure. A negative delta reflects more long positions being closed, while a positive delta would indicate a bullish short squeeze. Despite the liquidations, Binance's funding rates remain neutral, indicating cautious sentiment among traders. Whale activity shows accumulation, highlighted by a significant withdrawal of 20,000 BTC from Bitfinex. Analysts suggest Bitcoin may be poised for another upward move, with a price target of $112,000 following a bullish breakout. However, long-term holders are reducing exposure, indicating potential anticipation of a price correction. Currently, BTC trades at $105,308, up 1.4% in the last 24 hours.
