Bitcoin market signals local bottom as key indicators suggest potential reversal

Quick Take

Several key metrics in the Bitcoin market suggest a local bottom, an inflection point indicating a potential reversal from the recent downward trend.

Open interest, a metric that tracks the total number of outstanding derivatives contracts, has been reset, indicating that players are repositioning themselves for a potential market shift. Meanwhile, the perpetual funding rate has remained negative for three consecutive days, suggesting a contraction of leveraged positions in the market.