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Bitcoin (BTC) formed a new weekly low at $65,500 on Thursday, as the price has continued to trend lower over the past four days. Derivatives data also indicate that traders are heavily positioned to the downside.
Analysts said that this setup may lead to a sharp move higher that forces sellers to close their positions, even as other indicators hint that the move may not be straightforward.
Key takeaways:
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The seven-day average funding rate for Bitcoin has turned strongly negative for the first time since…
