CryptoQuant: BTC shows signs of local bottoming after a 15% correction.

Odaily Odaily News CryptoQuant published that in the past three weeks, Bitcoin has experienced an adjustment of about 15%, falling from the $70,000 range to the $60,000 range. With Bitcoin's large correction yesterday, possible signs of a local bottom have emerged: Futures market: Open interest has decreased by about $3 billion in the past three weeks, mainly long positions. The financing rate for perpetual contracts has fallen to near zero, indicating a more balanced relationship between buyers and sellers, resulting in a healthier and less overly optimistic price structure. Short-term holders: The price has exceeded the realized price of short-term holders (STH), which is $62,600. Currently, the average profitability of short-term holders is slightly negative, which has historically been a support point for local corrections in an uptrend. In recent months, an important factor affecting price movements has been US macroeconomic data, as there is uncertainty about the future of US monetary policy, which affects investors' risk appetite. On Thursday, we will have GDP and initial jobless claims data, and on Friday, inflation data (PCE), which are expected to influence market sentiment in the short term. However, from the current structure, a local bottom may appear.