2 key metrics suggest Bitcoin price won’t be pinned below $33K for long By Cointelegraph

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2 key metrics suggest Bitcoin price won’t be pinned below $33K for long

Over the last 48 hours, (BTC) price climbed from $31,000 to $34,800 before reversing course and dropping the majority of these gains. While this $3,800 shift to the downside might not seem significant, the 12% oscillation liquidated $660 million worth of futures contracts.

While it’s unlikely that there will ever be a definitive answer behind the move, on Jan. 25, President Joe Biden voiced his willingness to lower the $1.9 trillion stimulus package. This might have reduced incentives for those buying BTC as an inflation protection or a hedge against U.S. dollar devaluation versus leading global currencies.

4-hour chart. Source: TradingView
Derivatives exchanges’ BTC futures open interest in USD. Source: Bybt.com
Top traders’ BTC long/short ratio. Source: Bybt.com
March BTC futures premium. Source: NYDIG Digital Assets Data