• Bitcoin showed signs that consolidation was coming to an end, but demand remained low.
• BTC’s price action suggested that a crash to $28,000 could still be on the cards.

If you have been keeping a close eye on Bitcoin [BTC], then you may have noticed consolidation for the last four weeks. Recent findings suggested that the cryptocurrency was about to break out of its consolidation zone.

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As per Twitter account woonomic, Bitcoin might be headed towards the end of its consolidation phase. The claim is based on rising futures’ demand, which has been on an uptrend even though Bitcoin’s price action has been sideways.

This suggests that there is currently a bullish bias, especially in the derivatives segment.

Early signs that BTC consolidation is nearing completion (FSI chart below).

Futures demand is currently moving the market, this demand has been climbing against sideways price action (this is bullish).

Volatility dynamics also signalling a larger move is probable. pic.twitter.com/WkmiQO0B17

— Willy Woo (@woonomic) July 20, 2023

The same findings suggest that the market might be about to experience a resurgence of volatility. But is Bitcoin experiencing robust demand in the derivatives segment?

Well, Bitcoin’s Open Interest has been down significantly over the last four weeks. Similarly, Bitcoin funding rates dropped considerably in the same time period.

The

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Author: Michael Nderitu

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