Bloomberg Crypto Analyst: Bitcoin is more likely to go sideways than fall further

Odaily News Bloomberg crypto analyst Jamie Coutts said on the X platform that Bitcoin has experienced significant price fluctuations since the yen carry trade began to unwind. Coutts pointed out several key points: 1. He underestimated the impact of the rapid increase in open interest (OI) and perpetual contract funding rates earlier this year; 2. The neutral position of the market before the yen carry trade was unwound has limited the extent of liquidation so far; 3. Although Bitcoin prices may fall further, the reduction in open interest and negative funding rates indicate that Bitcoin is more likely to go sideways; 4. The central bank is expected to intervene soon, which makes Bitcoin attractive at the current price level.