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Why is there still a high probability of more price correction in Bitcoin?
The market is still hot and the prevailing sentiment is the expectation of more price rises and a quick recovery. There is a big premium for bearish bettors at this market level. - Average 30d funding rates are still high, close to the levels of the 2021 all-time high. - The BTC price is facing its greatest resistance ever, its current all-time high. - The price is in a defined channel with around 20% expansion/retraction, an ideal scenario for large players to set up large positions. The Bitcoin price has risen by more than 300% since the last time the market was discounted, and in all the brief 20% corrections along the way there hasn't been a premium period like now. It's the first time in 3 years that the Retail flow hasn't reached values above the mid-range, strongly indicating the presence of this category of investors in the market. Historically, when there are large Retail profit-taking moves, it means a potential top is in the making. After the rapid fall in prices over the last two days, there has been a significant outflow of realizations by these holders.