Bitcoin for almost the past month has been consolidating within a very limited range, roughly between $28k to $31k.
On the technical front, Bitcoin’s price recently attempted to breakout of this three-week-long consolidation region.
This suggested pullback towards the upside could technically be possible due to the near oversold situation.
Along with that, data from Glassnode also suggested a 14-day average of Perpetual Futures Funding Rates on most major crypto exchanges offering derivatives to be in the positive zone.
And, Bitcoin’s perpetual futures open interest stood at around $8.7 billion, at the time of writing – which has been on a steady rise since 22 May 2022.
Therefore, it seems like Bitcoin may be in for some positive tailwinds thanks to its favorable oversold situation.
A graduate in mass communication with a specialization in Journalism, he likes to analyze market trends and stay abreast of all technology.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.