Bitcoin has surged to $71,000, marking the highest price in the past two months, accompanied by a stable funding rate indicating positive signals. According to an analyst’s explanation in a CryptoQuant Quicktake post, BTC’s funding rate has remained relatively low recently. The “funding rate” refers to an indicator that tracks the periodic fees traders on the derivatives market are paying each other. When this metric is positive, it means that long position holders are paying higher fees to short sellers to maintain their positions. Such a trend indicates a generally bullish sentiment in the market. Conversely, a negative value of this indicator suggests that short sellers dominate the market, indicating a bearish sentiment among derivative users. Now, here is a chart displaying the data on Bitcoin’s funding rate, along with its 7-day simple moving average (SMA) over the past year.
Bitcoin fell to a 24-hour low of $56,600, but has since recovered to $57,300 at the moment, after the FED decided to maintain interest rates to control inflation.
Leading experts predict that Bitcoin’s recent price correction will soon end, giving investors hope amid a market downturn. April has been rough for Bitcoin, marking its biggest monthly drop of the year, with a nearly 20% drop, the first time the price has dipped below $57,000 since late February. The drop was part of a widespread sell-off in the cryptocurrency market, which reduced total market capitalization by nearly 10% to $2.2 trillion. Amid this difficult backdrop, experts like Michael van de Poppe have suggested that Bitcoin could soon recover, especially if it remains stable within the $56,000 to $58,000 price range.
Ah Warn you Guys with a good trade hope no one got this😂 So Btc Is Currently Bearish and i still Advise you to not go long till Monday And Keep following guys your support means alot to me 🙃❤❤ #BinanceLaunchpool #cpi #bitcoinhalving #BullorBear #WIF $BTC
Ah Warn you Guys with a good trade hope no one got this😂 So Btc Is Currently Bearish and i still Advise you to not go long till Monday And Keep following guys your support means alot to me 🙃❤❤ #BinanceLaunchpool #cpi #bitcoinhalving #BullorBear #WIF $BTC
Hey Guys How Are You Today i don't have any update about btc, i want to know this from You all that What do you think About BTC is it Bullish or Bearish and i will share my thought and analysis about btc after the move