Bitcoin price has been flat over the weekend, staying near the $19,200 levels and still being so even at the time of publishing this article.

Investors were pretty confused as to which direction Bitcoin could go next.

Some data indicators show that Bitcoin could rise in the coming days depending on the conditions of the Bitcoin futures market.

Dan Lim, an analyst at CryptoQuant noted that Bitcoin is facing less selling pressure in the futures market, writing:

The amount of bitcoin sent from spot cryptocurrency exchanges to derivatives exchanges fell sharply in October 2022.

Since the June drop, this volume has continued to increase, but Bitcoin held its June low at $17,600 and now volume is rapidly declining reducing the potential for strong selling pressure.

Read:Bitcoin price rises to 55 thousand dollars, the highest level since May 2021

He added:

At the same time, bitcoin futures funding prices in the futures market turned negative with the price of bitcoin dropping from $22,000 to $19,000.

When compared to 2019-2021, these metrics are very low indicating a massive lack of demand and activity in the futures market.

Another analyst at CryptoQuant explains that such an indicator usually results in an accumulation period.

The same analyst further explained:

Extreme negative values ​​increase the possibility of a short squeeze and can cause a reversal in the price of the cryptocurrency.

Bitcoin futures and their volatility:

While market experts anticipate the direction in which Bitcoin will swing, some traders anticipate greater volatility in the future.

Analyst Michael Van de Poppe wrote:

It is only a matter of time until the massive volatility returns to the crypto market, after four months of consolidation.

Most are still assuming that we will continue to slide with the markets, but I think the potential for bullish momentum has increased.

Read:Cryptocurrency “scams” ​​cost Brazilians $200 million

With the deteriorating global macroeconomic conditions, there are traders taking a contradictory approach too!

Including analyst Nicholas Merten, founder of DataDash, who shared a disturbing view, expressing it by saying:

For the first time in 14 years, the Nasdaq Composite Index had a weekly close below its 200-week moving average.

This was a pivotal moment for the two previous bear markets of 50-80% in 2000 and 2008.

Bitcoin has never experienced anything like this, so expect more pain in the future.

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