Binance Funding Remains Negative, Providing Rocket Fuel for Bitcoin

ElcVuF2XYAYb6Ft 980x461

Bitcoin’s short-term trend has grown somewhat unclear as of late, with the cryptocurrency being unable to extend its momentum past $13,800 This level has historical significance, as it is where BTC’s uptrend stalled back in the summer of 2019 when it rallied The sharp rise in the US Dollar’s value that took place yesterday may have been what sparked this movement Despite it now consolidating at just above $13,000 as bulls and bears reach an impasse, one analyst is pointing to an interesting trend in Binance that is bullish He notes that funding rates on the platform remain negative, pointing to a “ridiculously bearish” sentiment that could help fuel a BTC rally Bitcoin and the entire crypto market are seeing somewhat lackluster price action today, marking an extension of the consolidation phase seen throughout the day yesterday. This sideways trading has come about close on the heels of the recent…

Read the original article here