Bitcoin Funding Rates Turn Negative As Whales Keep Selling
02 Mars 2023 - 11:40PM
NEWSBTC
Bitcoin (BTC) continues its consolidation above $23,000. The
largest cryptocurrency on the market has been stuck in a range
following what appeared to be an uptrend poised to break new yearly
highs and climb to the $30,000 level. As of press time, BTC has
failed in another attempt to break above $23,900 and consolidate
above $24,000 to target the ultimate resistance wall for the bears
at $25,000. A confluence of negative funding rates and
whale-selling pressure has pushed the BTC’s price lower. Will the
bulls have another chance to break through the upper resistance
walls and continue the uptrend? Related Reading: Forget The Past,
This “Future” Bitcoin Golden Cross Could Revive Bulls Bitcoin Bulls
Have Thrown The Towel? According to a Twitter post by on-chain data
analytics firm LookIntoBitcoin, BTC’s funding rates have turned
negative, indicating that most traders on the cryptocurrency’s most
significant exchanges have taken positions “betting on a price
decline.” As the data shows, traders are “betting” on the move to
the downside; given the recent crypto crackdown by the Securities
and Exchange Commission (SEC) and the potential bankruptcy of
crypto-friendly bank Silvergate, the Bitcoin price action may be
targeting lower levels. Still, market makers can chase that
liquidity and fuel a rally to the upside. Eight Global CEO and
full-time trader Michael Van de Poppe addressed the market’s
current circumstances, stating that if BTC fails to hold the
$23,200 support level, the largest cryptocurrency on the market
will likely test $22,000 before moving higher. Van de Poppe
explained: Silvergate potentially going bankrupt, pushing prices
down a bit more. On the other hand; people are piling into
positions since the news and no real movement on Bitcoin. This
might be an assumption people are heavily skewed to the short side
here. Time for a squeeze. Furthermore, as seen in the chart
above, selling pressure from whales has increased since May 2022,
despite the market’s recovery. Crypto addresses with more than
1,000 BTC had continuously sold their BTC, which intensified after
the FTX debacle and current actions from the SEC. After more
than fourteen days, Bitcoin continues its sideways movement with
high expectations from investors about further profits. BTC has
risen 60% since December 2022, and it has claimed its 200-moving
average (MA) as solid support to regain new annual highs. Related
Reading: Chainlink Bulls Must Defend The $7 Support Line For A
Successful Recovery Bitcoin is trading well above $23,000, showing
strong support. At the time of writing, Bitcoin is trading at
$23,400; it has declined by -0.6% over the past 24 hours. The
sideways price action has affected higher timeframes, with the
seven-day time frame showing a 2.9% decline. Over the past fourteen
days, BTC has experienced a significant price decline of -3.6%.
Featured Image from Unsplash, chart from TradingView.com.
Maker (COIN:MKRUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Maker (COIN:MKRUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024