Bitcoin Futures Funding Rate Hits Lowest Level Since 2023
- Funding Rate Decline: According to Glassnode, Bitcoin's perpetual futures funding rate has dropped to its lowest level since 2023, indicating that a significant number of derivatives market investors anticipate a price decline, which may lead to a bearish market sentiment.
- Inverse Relationship: Despite the funding rates remaining negative throughout March and April, Bitcoin's price rose from lows of $60,000 to approximately $75,000, suggesting a notable divergence between market expectations and actual price movements, potentially indicating a market bottoming out.
- Historical Signals: Historical data shows that periods when the funding rate turns negative often coincide with local market lows, as seen during the pandemic crash in March 2020, the mid-2021 correction, and the FTX collapse in 2022, indicating similar bottom signals may be emerging.
- Expert Caution: While current data may suggest a potential market bottom, experts caution investors to closely monitor macroeconomic developments and liquidity conditions to mitigate potential market risks.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 62466.973 | 66516.982 | 71074.663 | 75124.672 | 79682.353 | 83732.362 | 88290.043 |
| Fibonacci | 66516.982 | 69805.119 | 71836.534 | 75124.672 | 78412.809 | 80444.224 | 83732.362 |
About BTC
About the author
