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Is Bitcoin mirroring its previous market recoveries? VanEck thinks so…

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According to VanEck analysts, BTC could be ripe for a recovery amid reducing miner sell-offs, increased network activity and decline...

Analysts cited strong network activity and a decline in funding costs in BTC Futures, the world’s largest digital asset has shown remarkable resilience lately. It is, in fact, now mirroring its earlier market recoveries, it said.that BTC’s strong network activity and a drop in future funding costs could be signs of a likely strong recovery.

“Over the past 30 days, the 7 DMA annualized cost of funding Bitcoin futures has dropped from ~11.6% to ~8.8% for a relative decline of ~24%. These levels indicate a risk appetite similar to those seen during market recoveries following 20%+ BTC price drops in early May and July of this year.” However, the analysts noted that the recent drawdowns were normal retracements during BTC bull markets.

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