David Duong, analyst at Coinbase, said: "Market conditions on Tuesday suggest a potential short squeeze amid increased buying activity on centralised exchanges. We think market panic will continue in the short term, but there is a chance that bears will be squeezed here, which could lead to a market rally in the coming days."
Bitcoin futures funding rates have remained negative over the past 24 hours despite a slight recovery in prices, indicating that demand for short positions remains high and that traders are still betting on a fall in bitcoin prices.
Coinbase analyst: Crypto market is recovering slightly, and there may be a short squeeze
2024-08-06 10:13:58
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