Bitcoin : More consolidation ahead

by Ben Lilly

Market Update

A bit of a peaceful weekend it has been without any shocks and surprises in the market. Indicators, funding rates, open interest in futures markets are steadily cooling off.

Jarvis Risk Meter has been cooling down from 92 few days ago down to 70.

That is a good sign to look for trading entries.

Although, Jarvis Fuel Meter is at 55 and indicates more liquidity needs to flow into the exchanges to trigger a rally there are signs for short term bottom formation.

High probability for another higher low to be formed. If you are trading bitcoin on spot, it would be good idea load your exchange wallets with fiat to buy.

We will be covering more on this on Monday with a weekend recap and how the on-chain metrics are favoring the market. Don't miss it.

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