Bitcoin Market Euphoric, Faces Risk of Pullbacks and Leverage Washouts, Trading Firm Warns as BTC Price Nears $90K

prices approach the $90,000 mark, a sense of euphoria or extreme optimism seems to be sweeping through the market, warning of a potential price pullback ahead."With BTC's break of key resistance and it's multi-month range, the market is certainly in a state of euphoria. Perp funding is very elevated and basis yields are at seven-month highs," QCP Capital said in a Telegram broadcast.

The open interest-weighted funding rates in perpetuals or futures with no expiry have surged to 0.056%, the highest since at least March, according to Coinglass.

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