Cryptocurrency service provider Matrixport shared an article on social media platform X, emphasizing that Bitcoin’s funding rate, utilized to track overall trader sentiment in the cryptocurrency market, has remained positive over recent weeks, indicating a shift towards a bullish trend in sentiment.
Additionally, within the past 24 hours, futures funding positioning has seen a rise. According to the company’s analysis, this indicates that fast traders, particularly futures traders, anticipate a continued rally in Bitcoin.
Analyst Crypto Dan from on-chain and market data analytics company CryptoQuant has also suggested that the cryptocurrency market is presently experiencing a bullish trend, with expectations of further upward movement in Bitcoin’s price with a high probability of a gradual upward movement, starting in early June.
In the recent broadcast post, Singapore-based cryptocurrency trading firm QCP Capital also noted that the sentiment regarding Bitcoin’s continued growth remains positive as it continues to observe an increase in trading activity. Despite negative headlines surrounding Mt. Gox and the DMM hack last week, Bitcoin confidently rallied above $69,000 in Asia.
The firm suggested that this bullish market sentiment is likely to persist as investors expect the new demand upon the introduction of Ethereum (ETH) spot exchange-traded funds (ETFs).
#Bitcoin’s funding rate has been positive during the last few weeks as sentiment has shifted more towards bullishness. During the last 24 hours, #futurestrading positioning has also increased. This signals that fast traders (futures traders) are expecting that Bitcoin will… pic.twitter.com/uKuUe7biKR
— Matrixport (@realMatrixport) June 4, 2024
Bitcoin Prices Dip To $68,921, Equity Markets Witness Boost Due To Optimism Surrounding Upcoming Interest Rate Changes
Bitcoin is priced at $68,921, as of the writing time, showing a slight decrease of 0.14% over the last 24-hour period, as reported by CoinMarketCap. The cryptocurrency has experienced a decline compared to its gains on Monday. Its lowest and highest points within the past 24 hours are $68,616 and $70,229, respectively. Bitcoin’s dominance currently stands at 53.09%, marking a daily increase of 0.11%.
Yesterday, the price of Bitcoin appeared to correlate with the positive performance of equity markets, particularly major European and United Kingdom indices, which showed gains. This upward movement coincided with expectations that borrowers in the eurozone would benefit from reduced interest rates during the week. With recent decreases in inflation, there are forecasts suggesting that the European Central Bank will decrease its benchmark rates within this week.
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