Bitcoin's price experienced a brief rise above $63,000 before stabilizing around $60,000. This fluctuation comes as open interest in Bitcoin surpasses $18 billion, a level historically indicative of major market corrections.
Funding rates are presently slightly above the 200-day simple moving average (SMA), suggesting that long traders continue to dominate the market. This dominance indicates an ongoing confidence in Bitcoin’s potential growth.
An analyst speculates that a "final shakeout" may precede a new all-time high for Bitcoin, which is currently in a descending parallel pattern, presenting a critical juncture for potential investors.
