Edris

Short-term pullback?

After a bullish daily candle yesterday, Bitcoin may be bearish in the short-term, especially the next few hours. Looking at the futures market sentiment (hourly), Open Interest RSI indicates that the futures market is overheated and the Estimated Leverage Ratio is higher than the level it was on Dec 3, before the massive dump from 57K to 42K. However, the Funding Rate is less concerning, being close to zero. The hourly Exchange's Reserves (especially spot exchanges) have also been rising in the past few hours, indicating potential selling pressure in the short term. I don't expect a massive dump and a new low, because of the daily metrics which are more bullish rather than bearish, but the upcoming volatility may be a good opportunity for day-traders .