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Bitcoin Recovers From Overnight Plunge

Bitcoin saw some insane overnight volatility. After a flurry of trading activity liquidated long positions and sending its price reeling lower.

Bitcoin has seen another major decline and rebound, which is commonplace throughout parabolic movements higher.

Bitcoin seems to be gaining momentum from a technological point of view, as it’s rebound from the overnight decline below $30,000 is starting to pick up steam. Bitcoin is trading down just under 5% at its present price of $31,000 at the time of publishing. This is where it has been trading for the past few days, but it marks a decrease of almost $35,000 from its recent highs. As Bitcoinist.com reporte, where near-term market trends will certainly depend on whether or not bulls can confirm that a good support zone is the lower-$30,000 range.

In a recent tweet, one on-chain analyst clarified that, after the overnight downturn, he thinks Bitcoin is still in a risky situation because funding rates are still incredibly large. He states that, while in the short-term, BTC could continue higher, it might not be as good as it seems. “I’ll patiently wait for the moment the funding rate cools down. BTC could go up more, but it’s too dangerous.”The next few days could shed some serious light on the near-term outlook of Bitcoin and whether the cryptocurrency would be able to push even further or not.

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