Bitcoin (BTC) barely recovered its losses on April 9 as fresh doubts emerged about the bull run continuing this month.
BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview$56,760 “not a convincing bottom”
Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains.
Filbfilb, co-founder of trading suite Decentrader, described this week’s current floor of $56,760 as “not a convincing bottom.”
BTC funding rates. Source: Bybt.com
As reported on Wednesday, funding rates among trading platforms call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain “way too high,” he told subscribers of his Telegram trading channel.
Popular Twitter trader Cantering Clark meanwhile pointed to Bitcoin’s 20-week moving average (MA) — a classic “line in the sand”