Bitcoin Below $60K in a ‘Funding Reset’ Move, Tests Key Support: Experts

Posted on by American Coins & Gold

Bitcoin Below K in a ‘Funding Reset’ Move, Tests Key Support: Experts
Bitcoin fell below $60,000 during mid-European hours, before press time, extending early weakness. Analysts said a pullback was expected and has normalized the elevated funding rates or costs associated with holding long positions in the perpetual futures market.The cryptocurrency printed lows under $59,000, bringing the 50-day MA into the play for the first time since Oct. 1.The sell-off, which began in Asia following Twitter CFO’s anti-crypto comments and continued strength in the dollar index, picked up the pace, seemingly due to forced unwinding of long positions by exchanges.“We have seen substantial long positions (worth $335m) on crypto exchanges Binance and…