The price of Bitcoin is gradually retaining its upward trend as the flagship asset eyes the $100,000 pivotal mark after a slight rebound on Monday. During the waning price performances over the past few days, recent data shows that BTC’s funding rates have persistently maintained a bullish sentiment.
BTC’s Funding Rates Defies Market Dip
Bitcoin has faced bearish pressure over the past few days, causing its price to retest the $94,000 range. Despite the notable price drop, funding rates across several crypto exchanges remain positive.
Alphratcal, an advanced investment and data analytics firm reported the development in an X post. Data from the platform shows that Bitcoin’s aggregated funding rates have sustained a bullish trend among 11 crypto exchanges, signaling that traders are maintaining an optimistic sentiment.
Simply put, more traders are placing leveraged long-term bets on BTC than short-term bets as they anticipate a price recovery. This implies that long-term investors are covering the funding fees, which are assessed every 8 hours, while short-term investors are being paid.
An increase in long-term positions showcases investors’ robust confidence in BTC’s long-term potential. Should this positive trend continue, the development might spur renewed momentum in the upcoming days, allowing the asset to reclaim key resistance levels.
According to Alphractal, Bitfinex (BTC-USDT) has the highest fundin
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Author: Godspower Owie
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