In 2021, the Bitcoin market experienced three such climaxes:
The first: January 2 to January 19, when BTC prices continued to rise, and the funding rate was between 0.05% and 0.1% for most of the months, and then a correction phase occurred.
The second: January 29 to February 21, BTC prices broke through $55,000, during which the funding rate was mostly maintained at 0.05% to 0.1% for about a month.
The third: March 30 to April 17, the funding rate also remained between 0.05% and 0.1% for most of the time, and BTC entered the top consolidation, marking the end of this round of bull market.
The reason why the bull market will not end in the first climax is not only related to the rotation of Bitcoin and altcoins, but also to market sentiment. When the previous high was broken for the first time, retail investors were still cautious due to the influence of the previous bear market, and there were doubts about whether the bull market could continue. Only when the second bull market is pulled up, the market sentiment continues to improve, the desire of human nature is infinitely magnified, and the greed index continues to rise, will more people invest more money and be trapped at a high point.
