RATE Group | Bitcoin [BTC] Price Dips to $9100, But Why is BitMEX Funding Rate Rising? Analyst Explai…
80862
post-template-default,single,single-post,postid-80862,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin [BTC] Price Dips to $9100, But Why is BitMEX Funding Rate Rising? Analyst Explai…

26 Feb Bitcoin [BTC] Price Dips to $9100, But Why is BitMEX Funding Rate Rising? Analyst Explai…

Posted at 05:06h in Bitcoin News by

[ad_1]

Bitcoin [BTC] price takes a complete u-turn from bullish sentiments after it breaks below $9,500. The low in Bitcoin early on 26th February is $909x.

Advertisement

Crypto Rocket


BitMEX funding rate and Open Interest is one of the leading indicators of the futures market situation. As the price continues to dip, the funding rate is continually rising; It looks like the bulls are still at large.

However, the fact that the funding rate is higher below $9300 than it was above $9500 indicates trapped bulls.

btcusd 4-hour with funding rate
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

While the funding rate on BitMEX earlier yesterday was around 0.03% daily, it rose to 0.05% later as price dipped. Moreover, the Open Interest continues to be above $950 million, signalling large trading interest.

Jacob Canfield, leading derivatives and crypto trader tweeted,

Funding is actually insane right now for #bitcoin. How do we drop 7% and funding spikes for longs. This shit is not bullish at all.

This means that price…

[ad_2]

Source link

Tags:
, , , , , , , , , ,