Bitcoin (BTC) has peaked at the $ 10,600 level, but the Bears are still showing their fangs until they push the price back up to the level of $ 10,200 - $ 10,300.
A deviation from the expectations analysts had for Bitcoin, which many thought that a move above $ 10,500 once the day's range was set would take it to the $ 11,000 level.
Signs that the ongoing correction is too aggressive. That means, there's a good chance Bitcoin will rise from here!
And yesterday, it seems that derivatives traders have taken the lead on BTC deals.
The funding rate is the cost paid in the short term to normalize the price of a derivative to the price of the underlying asset; when the funding rate is negative, it indicates that the short position is depressing the price because the derivative is trading below the spot market.
Some of the major Bitcoin markets are currently underfunding negatively, and this is followed by the Ethereum futures market also scoring negative funding rates, which are only seen when sellers of derivatives exert very heavy pressure.
Usually, negative funding rates are often seen before Bitcoin rebounds. In the same way, very positive funding rates were often seen before Bitcoin experienced a correction.
This is certainly a "hope" for BTC optimists because based on this history, the correction is likely to end soon!
Josh Rager, is also still bullish on Bitcoin. He hopes BTC can take over again at $ 11,900 and this will be 100% bullish.
However, keep in mind, how strong the recovery occurs will be the basis for psychological analysis because the previous Bears' impulse was strong enough, which could threaten failure on the upside attempt if it is not capable of breaking through important resistance levels such as $ 10,500, 10,800, and $ 11,000.
Besides, there's still a CME GAP at $ 9,600 haunting BTC. We'll see!