Data analyst: Bitcoin funding rates could spell trouble for the near-term outlookBTC $11,691 (+1.1%) • ETH $419 (+8%) • XRP $0.29 (+2.6%)
It has been a turbulent week for Bitcoin. This past weekend, the cryptocurrency’s buyers attempted to catalyze a movement up towards $12,000, eventually pushing it as high as $12,200. At this point, however, it faced an influx of selling pressure that caused its price to begin sliding down towards the lower-$11,000 region. Overnight, however, buyers were able to absorb this selling pressure and stop the cryptocurrency from seeing any significant downside. Despite the strong rebound from its daily lows, one data analyst is now expressing caution when it comes to the crypto’s near-term outlook. He is noting that high funding across the market suggests bulls are still overextended, making it easier for bears to fuel a downside movement. This could also lead to a “cascade of liquidations” in the near-term. More news ⏬Crypto exchanges are rushing to list Aragon (ANT), but what is it?
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quinta-feira, 13 de agosto de 2020
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Data analyst: Bitcoin funding rates could spell trouble for the near-term outlook