Key Factors Necessary for the Continuation of Bitcoin (BTC) Rally, According to Santiment Analysis

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On-chain analysis platform Santiment has highlighted key factors necessary for the continuation of the current crypto market rally.
The analysts pointed out that the recent surge in cryptocurrencies, fueled by the US non-farm payroll data released on Friday, requires a market condition devoid of FOMO for its sustenance.
Santiment also noted that short positions played a significant role in Bitcoin’s abrupt reversal from $58,000 to $64,000, indicating that investors are once again taking long positions.

On-chain analysis platform Santiment discusses the factors necessary for the continuation of the current crypto market rally, emphasizing the need for a market condition devoid of FOMO.

Bitcoin’s Rally and the Role of Short Positions

According to Santiment, short positions played a crucial role in Bitcoin’s sudden reversal from $58,000 to $64,000. This suggests that investors have started taking long positions again. The analysts implied that a market where the majority are taking long positions cannot sustain a long-term rally, and therefore, funding data should be closely monitored.