Negative Funding Could Act as a Launchpad for a Massive Bitcoin Rally

Funding

Bitcoin’s recent consolidation phase has come about concurrently with traders stacking up on short positions This indicates that they expect the turbulence within the traditional markets to continue suppressing BTC’s price action, potentially leading it lower in the weeks ahead That being said, this has caused negative funding rates to surge as of late, making it costly to be short Historically, funding rates – when slanted towards one direction for extended periods – work as a reliable counter-indicator One analyst is now noting that an $11,000 breakout with funding rates at their current levels could allow Bitcoin to see an explosive move higher Bitcoin and the entire cryptocurrency market have been caught within a bout of sideways trading throughout the past few days and weeks. BTC was consolidating in an incredibly tight range between $10,500 and $10,600 until earlier this morning when bulls stepped up and pushed it higher. It…

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