Bitcoin rose above $44,000, but traders should be cautious.
A cluster of liquidity around $45,870 could lead BTC to retrace.
Bitcoin’s [BTC] brief jump above $44,000 on the 21st of December brought back optimism to holders of the coin.
The rise instilled some confidence that BTC’s time to shine has not yet fizzled out, especially as Bitcoin’s price failed to make any big moves in the recent past.
However, traders need to exercise caution despite the price increase. This was the opinion of Greatest_Trader, an author on CryptoQuant.
According to Greatest_Trader, Bitcoin’s price action has impacted the increase in long positions. This inference was indicated by the king coin’s Funding Rate.
Time to be careful with the longs
AMBCrypto checked out the Funding Rate and found out that the metric was positive. By definition, a positive Funding Rate means long positions were predominant in the market at press time.
A long position means a perpetual contract predicting a price increase
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