- Bitcoin saw some wild overnight volatility that came about after a flurry of selling activity liquidated long positions and sent its price reeling lower
- This selloff was quite intense and caused the aggregated market to face some immense selling pressure that is showing no signs of letting up
- One analyst explained that where the market trends next will undoubtedly depend largely on the derivatives market
- He notes that funding rates are still quite high and may hamper the cryptocurrency's outlook for the time being
- As such, he is calling the crypto's current positioning "dangerous" despite the strength of its rebound
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