Pro traders buy the dip as bears push Bitcoin price to the edge of $30K By Cointelegraph



Pro traders buy the dip as bears push Bitcoin price to the edge of $30K

In the last 24-hours (BTC) price dropped 14% and tested the $32,000 support for the fifth time this year. Traders probably became even more worried as the price fell to $31,050 but at the time of writing the 4-hour chart suggests that the selling could be slowing down.

Currently the shorter-term charts indicate that Bitcoin is still flirting with bearish territory but a number of derivatives indicators and the top traders flow reflect neutral to bullish levels.

4-hour chart. Source: TradingView
Derivatives exchanges BTC futures open interest in USD. Source: Bybt.com
Top traders BTC long/short ratio. Source: Bybt.com
March 2021 BTC futures premium. Source: NYDIG Digital Assets Data