Bitcoin On-Chain

Bitcoin-On-Chain

Coinbase Premium Index
-The price was rejected from the 0 zone, the support-resistance reversal. We need to stay above the 0 zone for a safe rise.

Open Interest
-The price retreated back to the open interest support at 59,000. This support is a very important level for us. We should watch it carefully.

Funding Rate
-The funding rate, which reached high levels, started to cool down. We see that players who think the price has risen too high are turning to short positions. Big players may leave small players behind, we should be careful.

Long Liquidation
-A very large amount of long positions were liquidated. Positive data for bullish sentiment.

Story:
-Considering all this data, we can consider it bullish if the Coinbase premium index rises above the 0 zone and is accompanied by open interest. As long as these scenarios do not materialize, the price will give a pullback. We should also monitor the price action and combine it with this data.