2021-8-24 02:30 |
Derivatives data and recent protocol developments signal that retail traders have turned bullish on FIL.
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Though modestly higher today, bitcoin remains lower by about 8% from its record high hit two weeks ago.
Some $45 million stemmed from altcoin futures in an unusual move – with bitcoin accounting for a relatively lesser $36 million in liquidations.
Bitcoin saw its biggest long squeeze in four months at the start of the trading day in Hong Kong today, which briefly sent the price below $22,000. Within the last 24 hours, a total of over $73 million in longs were liquidated, and over $200 million in the entire crypto market.
Traders have yet to flip bearish on Ether price, but the recurrent drops below $3,000 increase the likelihood of a sentiment flip.
Steady development and strong fundamentals suggest a DOT rally toward a new all-time high is in the making.
Data shows pro traders are heavily accumulating the current dip in Bitcoin price while retail investors are occupied with trading altcoins.