Healthy Bitcoin rally: What does a margin lending ratio drop mean for BTC price?

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Moreover, Bitcoin futures traders were not confident enough to add leveraged bullish positions. Thus, even if Bitcoin price retests $29,000 in terms of derivatives, bulls should be unconcerned because there has been little demand from short-sellers and no excessive leverage from buyers.

In other words, Bitcoin’s market structure is bullish, where BTC price can easily rally another 10% to $33,000 given sellers are currently scared to short it.

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