Bitcoin Goes Through a 15 Correction Shows Indications of Potential Local Bottom

In the past three weeks, Bitcoin has undergone a correction of around 15%, dropping from the $70,000 range to the $60,000 range. This significant price movement has caught the attention of many investors and analysts. However, there are potential signs of a local bottom, as open interest has declined and funding rates are near zero, suggesting a more balanced market. The futures market also indicates stability, with open interest reducing by roughly $3 billion, and funding rates for perpetual contracts coming down to near zero, signifying a fair deal between buyers and sellers. Additionally, short-term holders (STHs) have surpassed the realized price of STHs, which could mean the market is consolidating. The main driver of Bitcoin movements in recent months has been US macroeconomic indicators, and upcoming reports on GDP, initial jobless claims, and inflation data are expected to have a significant impact on short-term trends in the market. Despite the recent correction, the current state of the market suggests a local low for Bitcoin, and there may be light at the end of the tunnel in terms of reviving the Bitcoin price in the near future.