On the way to the $30,000?- In 2017, when Bitcoin hit $1,000, the CEO of Credit Suisse mocked the queen of cryptocurrencies by talking about speculative bubble. A few years later, Bitcoin is hovering around $28,000. For its part, Credit Suisse is saved in extremis of bankruptcy by the USB group. After surging almost 85% from its November low, can BTC continue to perform?
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Bitcoin price climbs 2.7% in 24 hours
Bitcoin (BTC) continues to show green, the price is up 2.7% in 24 hours :
Bitcoin moves above $28,000and approaches the psychological threshold of $30,000. In one week, the price is up by almost 10%. In the space of three months, Bitcoin climbs by 68%. For 24 hours, the BTC/ETH pair has been falling. However, the pair is up 5% over one week.
Could the funding rate on Bitcoin allow a new wave of upside?
THE funding rate is simply a commission paid by traders in perpetual markets. When the funding rate is positive, long players pay fees. On the other hand, when the funding rate is negative, it is the shorts who pay fees. Here is the graph showing the funding rate currently :
While Bitcoin is up 85% since the low marked in November, traders do not seem to be rushing the “long” button on perpetual contracts. Indeed, the funding rate remains lowit even tends to decrease in recent days, suggesting a accumulation of sellers. enough to feed a new wave of rise ?
Bitcoin price attacks resistance at $28,500
The course is again in contact with the resistance at $28,500. It is the resistance that must give way to find the Bitcoin at $30,000 :
The course has recently bounced back the level of bullish institutional bias (EMA 9/EMA 18), but it is absolutely necessary break the resistance at $28,500. A fence above 28,470 $ would mark a Continuation “W”. Attention, the RSI marks a divergence in 4Ha sign that the bulls are beginning to run out of steam.
Bitcoin remains strong, moving above $28,000. To return to the level of the psychological threshold of $30,000, it will be necessary to break the resistance at $28,500 in a 4H time unit. Despite the recent violent movement, the operators do not seem (yet) in full FOMO.
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