Bitcoin’s (BTC) directional bias has been unclear lately after its dip below $70,000.
Bitcoin price continues its late New York session rally in the early Asian session, posting a 1.17% gain. While the short-term outlook might seem bullish, a few signs suggest a looming bearish outlook. BTC could trigger a steep correction around the halving event and resume the uptrend thereafter. Bitcoin’s directional bias has been unclear lately after its dip below $70,000.
Read more: Inflows from Bitcoin ETFs may weaken halving effect, says Glassnode amid price correction Declining CME OI: This outlook does not give ETF flows the weighting as seen in the above point. Instead, it focuses mostly on the Chicago Mercantile Exchange’s Open Interest for Bitcoin futures. This metric has declined nearly 6% from 170.44k BTC on March 20 to 160.36k BTC on March 25.
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