BTC Dominance: 61.52% Dominance has seen a slight uptick from yesterday
Price action: Price is up slightly from the close of yesterday. Currently price is facing resistance from the ema ribbon.
Premium Index: PI has increased since yesterday and currently at -0.0324 %.
Funding Rates: FR has increased since yesterday and currently at 0.0067 %.
Open Interest: OI is at $4479 B which has increased from yesterday
Volume: Vol. is at $24.96 B which has increased from yesterday
To conclude: Increased funding rates reflect a growing bearish bias with respect to market makers while traders are opening longs. An increasing premium index indicates increasing speculative activity, which could contribute to further market instability. However, the increase in both open interest and trading volume suggests increased market liquidity, making for a less volatile and stable market environment. Based on these factors the sentiment is cautious and a cautious trading strategy should be employed.