The cryptocurrency market faced a surprising 17% correction on February 2, reducing total market capitalization to $2.61 trillion, the lowest in nearly eight weeks. Bitcoin exhibited relative resilience, bouncing back to $99,000, while Ether saw a significant drop to $2,133. Although traders remain cautious about reaching a market bottom, external macroeconomic pressures, particularly from US Treasury bond yields, continue to pose risks. Bitcoin derivatives showed surprising stability amidst market volatility, with negative funding rates indicating reduced long leverage demand but a steady open interest in futures contracts. The annualized futures premium for Bitcoin fell slightly but remained above the bullish threshold, suggesting that traders are not overly pessimistic. The recent dip in Bitcoin's price, driven by global economic concerns, indicates that while a short-term price bottom may have been reached, the potential for upside beyond $100,000 could be restrained by stock market performance.

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