On the other hand, the Bitcoin Unified Sentiment Index (based on CoinGecko votes and the Fear & Greed Index) also turned positive. This usually means there’s confidence in Bitcoin’s near-term outlook.
Puckrin noted,
“The ongoing uncertainty, which has dominated markets all year, is perhaps the reason we are not seeing more euphoria in the cryptocurrency space. Indeed, Bitcoin is exhibiting a potential double top pattern, a bearish signal, and daily exchange volumes have dropped off a cliff,”
Despite that caution, a move higher is possible with improving structural and sentiment indicators as a sign.
Breakout on the way?
Binance data is also showing similar optimism.
Funding Rates for Bitcoin perpetuals have stayed positive since the 22nd, a trend that often comes before short-term rallies.
Negative funding phases usually mean local bottoms, while a return to positive levels indicates bullish momentum.
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Author: Samyukhtha L KM
