{"id":179138,"date":"2021-01-04T18:09:14","date_gmt":"2021-01-04T18:09:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=179138"},"modified":"2021-01-05T19:37:28","modified_gmt":"2021-01-05T19:37:28","slug":"on-chain-analysts-explain-why-bitcoin-suddenly-dropped-16-in-6-hours","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/on-chain-analysts-explain-why-bitcoin-suddenly-dropped-16-in-6-hours\/","title":{"rendered":"On-chain analysts explain why Bitcoin suddenly dropped 16% in 6 hours"},"content":{"rendered":"

The price of Bitcoin declined by 16% in six hours after an explosive rally to above $34,000. <\/a>The correction occurred as the derivatives market became extremely overheated.<\/p>\n

The Bitcoin futures market can become overcrowded if the market is dominated by either short-sellers or buyers. If either one overwhelms the market, then the probability of a short or a long squeeze occurs. This can create an extreme spike in volatility in a short period.<\/p>\n

The Bitcoin futures market was extremely overheated<\/h2>\n

That is what happened to Bitcoin on January 4. The market was overwhelmed by buyers, which caused the funding rate of Bitcoin futures contracts to surge above 0.2%.<\/p>\n

The futures funding rate is a mechanism that incentivizes either buyers or sellers based on market balance. If the market has more buyers, then buyers have to pay a fee to maintain their position, and vice versa.<\/p>\n

A short squeeze refers to a scenario wherein short-sellers are forced to market-buy their positions. A long squeeze is the opposite, when buyers are forced to sell their positions.<\/p>\n

On January 3, a long squeeze occurred because the market was dominated by buyers. When a minor sell-off occurred, the entire market plummeted violently within a short period.<\/p>\n

\"Bitcoin
The funding rate of Bitcoin futures. Source: CryptoQuant<\/figcaption><\/figure>\n

Ki Young Ju, the CEO at CryptoQuant, said immediately after the drop that the funding rate is too high, which indicates the market is overheated. He wrote:<\/p>\n

“I'll patiently wait for the moment the funding rate cools down. $BTC could go up more, but it's too dangerous.”<\/p><\/blockquote>\n

Previously, Ki explained that in a spot market-driven rally, it is important for the funding rate to remain low. He said<\/a>:<\/p>\n

“In this spot-driven & up-only market, a low funding rate could be a buy signal. It seems not a good idea to wait for a correction when institutions buying $BTC.”<\/p><\/blockquote>\n

Scott Melker, a cryptocurrency trader, similarly said that Bitcoin was overbought. The 4-hour candle chart showed an overbought bearish divergence, which historically led to corrections. He said<\/a>:<\/p>\n

“Line charts can eliminate the noise. Overbought bear div on the 4-Hour, clear head and shoulders. Already shot well past its target (wick not shown on line chart). I want to see RSI make the trip to oversold, finally. It's inevitable, better now than later.”<\/p><\/blockquote>\n

\"btcusd
A line price chart of Bitcoin. Source: BTCUSD on TradingView.com<\/a>, Scott Melker<\/figcaption><\/figure>\n
<\/div>\n

What to expect in the near term?<\/h2>\n

Bitcoin is currently attempting to recover, hovering above $31,000. In the short term, whale clusters show that it is critical for BTC to remain above $28,000, which it tested on January 3.<\/p>\n

Whale clusters mark important support levels because they are the price levels at which whales accumulate BTC and do not move their holdings afterward.<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin declined by 16% in six hours after an explosive rally to above $34,000. The correction occurred as the derivatives market became extremely overheated. The Bitcoin futures market can become overcrowded if the market is dominated by either short-sellers or buyers. If either one overwhelms the market, then the probability of a […]<\/p>\n","protected":false},"author":187,"featured_media":179160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"\nOn-chain analysts explain why Bitcoin suddenly dropped 16% in 6 hours<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin declined by 16% in six hours. 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