The absence of a CME Bitcoin futures premium, unrelenting record-high inflation and investor concerns over the economy are all factors weighing on BTC price.
Manchester City fans will also have a chance to win season tickets in the OKX Hospitality Box via scanning QR codes on street art commissioned by the crypto exchange.
Pro traders were forced to cut their losses after margin and futures markets became over-leveraged, creating a potential entry point for bullish buyers.
Declining demand for Tether, negative futures premiums for altcoins and the lack of inflow to the crypto sector are all signs that a rocky road is ahead.
Conflicting Bitcoin derivatives data shows leverage traders bullish, while pro traders fear a deeper correction below $29,000.
Charts suggest BTC price will dip below $30,000, and derivatives data shows options traders becoming increasingly worried.
Weak retail demand and bearish derivatives data reflect a dismal short-term outlook for the crypto market.
BTC is in a lengthy downtrend but three key price metrics explain why traders are confident that the $38,000 level will hold.