The majority of traders expect fresh Bitcoin price losses after a difficult end to the week, data suggests.
Bitcoin (BTC) consolidated under $40,000 on April 23 as market expectations favored further losses.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView”Extreme fear” accompanies Bitcoin’s descent to $39,200Data from Cointelegraph Markets Pro and TradingView followed a bearish BTC/USD after the pair touched $39,200 on Friday’s Wall Street open.Falling in line with stocks, Bitcoin now faced the prospect of resistance cementing itself at the $40,000 mark, with traders showing their lack of confidence in a short-term rebound.Data from on-chain analytics site Coinglass confirmed that funding rates across derivatives exchanges were firmly negative into the weekend, suggesting that the majority of market participants expected shorting to be a profitable next trade.BTC funding rates chart. Source: CoinglassFor analyst
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