June 21, 2021

Bitcoin price stalls as traders warn BTC could dip lower than $55K

1200 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMTllNGIzNjQtMTQ1My00ZDFlLTgxZTktYTAwMGY0ZTJhZDc5LmpwZWc

Bitcoin (BTC) barely recovered its losses on Thursday as fresh doubts emerged about the bull run continuing this month. 

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

$56,760 “not a convincing bottom”

After sliding 5% on Wednesday, BTC/USD saw only a modest rebound to circle $57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed. 

Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains.

Filbfilb, co-founder of trading suite DecenTrader, described this week’s current floor of $56,760 as “not a convincing bottom.”

d62e75cd 47c8 4abd ad22 669ef783b36c
BTC funding rates. Source: Bybt.com

As reported on Wednesday, funding rates among trading platforms call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain “way too high,” he told subscribers of his TelegramTitle: Bitcoin price stalls as traders warn BTC could dip lower than $55K
Sourced From: cointelegraph.com/news/bitcoin-price-stalls-as-traders-warn-btc-could-dip-lower-than-55k
Published Date: Thu, 08 Apr 2021 10:03:49 +0100