What’s Next For Bitcoin After Brutal Rejection At Key $7,000 Price Point?

Just two hours ago, Bitcoin started to rally after trading at $6,700 for most of Saturday morning and afternoon, rallying as high as $7,020 in a vertical move that brought the asset 4%. But, as fast as the cryptocurrency rallied, it was rejected, returning to where it began just minutes later — a loss for bulls hoping BTC could establish a higher high on the daily chart.

Joe McCann  — a noted crypto trader and an AI/Cloud specialist at Microsoft — remarked that the recent explosive move is most likely related to a futures short squeeze caused by negative funding rates on BitMEX:

“Funding rate continues to maintain its negativity yet price won’t go down. If bulls keep this up there will be an epic squeeze coming… There’s the squeeze.”

With the surge’s gains having since been reverted, what are analysts thinking comes next for Bitcoin and the rest of the crypto market?

Analysts Are Growing Bullish On Bitcoin

Surprisingly, despite the strong rejection at the key $7,000…