Bitcoin fell 15% in three weeks, will US data determine the market bottom?
In the past three weeks, Bitcoin has experienced a correction of about 15%, with prices falling from a range of around $70,000 to around $60,000.
In recent weeks, open interest has dropped by almost $3 billion. The financing rate for perpetual contracts has dropped to almost zero, which makes the power between buyers and sellers more balanced.
For short-term holders, the current price exceeds their realization price. At present, the average profit of short-term holders is slightly negative, which has always supported local adjustments in the past.
US GDP and unemployment data will be released on Thursday, and inflation data (PCE) will be released on Friday. However, judging from the current structure, there may be a local bottom.
