TechFlow news, on August 6, according to The Block, Coinbase analyst David Duong pointed out that the cryptocurrency market is experiencing a moderate rebound and could see a short squeeze in the short term. Within the past 24 hours, the global cryptocurrency market cap has grown by over 5%, reaching $2.04 trillion. Duong emphasized that the current market pullback does not signal the beginning of a new long-term trend, but rather aligns with his defensive strategy outlook for the third quarter of 2024, with more positive market performance expected in the fourth quarter.
Duong stated that Tuesday's market conditions indicate a potential short squeeze amid rising buying activity on centralized exchanges. He noted that despite continued nervous market sentiment, a short-term rebound may occur. According to Coinglass data, liquidations over the past 24 hours show nearly balanced positions between longs and shorts. Furthermore, although the market has slightly recovered, Bitcoin futures funding rates have remained negative over the past 24 hours, indicating strong trader expectations for a decline in Bitcoin prices.
