Today, the leading cryptocurrency Bitcoin has surpassed the $108,000 mark. However, Santiment's analysis shows that most investors remain skeptical and expect a decline in prices.
Brief Analysis of Bitcoin's Current Position
Currently, the cryptocurrency analysis platform Santiment reports that Bitcoin has recorded a negative funding rate, suggesting a potential decline. According to the data, the number of short positions in Bitcoin is increasing, while long positions in Ethereum are on the rise.
Ethereum's Situation and Its Correlation with Bitcoin
Santiment notes that Ethereum is showing opposite trends compared to Bitcoin. Currently, there are more long positions on Ethereum than short positions, but this does not guarantee a rise. There is a correlation between the movements of both cryptocurrencies, and Ethereum may be limited in its potential without support from Bitcoin.
Potential Short-term Changes in the Market
According to Santiment, the increased number of short positions could lead to a short squeeze in Bitcoin, which may further push prices up. This could indicate short-term spikes in price if the short positions become overheated.
The analysis of current trends in the cryptocurrency market highlights a complex dynamic between Bitcoin and Ethereum. Investors remain cautious, and the future of both assets depends on their interrelationship.
