Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?

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Bitcoin has seen some wild chop as of late, with the crypto’s price ranging between the lower and upper-$30,000 region It has found some strong support within the lower part of this range, with sellers attempting on multiple occasions to break it to no avail. The cryptocurrency has also been seeing large bouts of buying activity to counter selling pressure that appears to be coming from large whales on Coinbase and Binance As soon as these bears lift their sell walls or run out of coins to sell, BTC could begin flying higher One trader is now noting that although the crypto appears to be positioned for further upside, high funding rates remain a potential catalyst for a long-squeeze Bitcoin has seen some positive price action this morning, with the crypto rallying higher following a sharp overnight selloff that sent the cryptocurrency down to lows of $34,800. The buying pressure…

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