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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Funding Flips Bullish, But Are Liquidations Imminent?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC BTCUSD

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Bitcoin’s price has reached a new ATH after a long period of consolidation. At the time of writing, BTC is trading at $63.235 with 5.1% profits in the past day and 7.7% in the 7-day chart.

Bitcoin BTC BTCUSD
BTC on a bullish trajectory in the 24-hour chart. Source: BTCUSD Tradingview

Before the rally, data from Santiment pointed to high levels of bearish sentiment across social media platforms. During the bullish price action, there was an ATH in address activity with 1.36 million when BTC touch $63.4000.

Bitcoin BTC BTCUSD
Source: Santiment

Now, the Fear & Greed Index is near the Extreme Greed levels. On the derivatives market, investors pushed the funding rate across all exchanges towards 0.08%, as shown by Glassnode data. A “tolerable” level, according to Lex Moskovski.

https://twitter.com/mskvsk/status/1381885853916663810

However, this metric can increase over the next hours. Over the weekend, when BTC was gaining momentum and tried to break the $61.000 resistance, the funding rate skyrocketed to 0.16%. Levels not reached since mid-February this year.

Per an Arcane Research report, the spike in this metric preceded a correction in BTC’s price. Since the beginning of 2021, when the funding rates go high, BTC’s price follows as investors “heavily” positioned themselves for the upside.

Bitcoin BTC BTCUSD
Source: Arkane Research

If this metric stays in the current levels, the rally could be prolonged, but an increase in the funding rates could be a key indicator pointing to short-term bearish price action, a return to support, and further consolidation. Arcane Research’s report claims:

High funding rates and futures premium hint towards a lot of leverage towards the upside. Leverage is an essential ingredient in the recipe for liquidations, and we would not be surprised to see an influx in long liquidations soon.

Presently, the threat for a cascade of liquidations hurting Bitcoin’s price action is yet to materialize, but that seems to be a predominant trend in the past months.

On the bull’s side, Trader “Pentoshi” said it would be “unwise” to take a short position against Bitcoin. Pentoshi believes that a 50-day consolidation period turns into support and ATH points to the market accepting BTC’s price. The trader added:

(…) the market has accepted price above the highs unless it’s a scalp. There’s a clear trend and that trend is up. Easy to get steamrolled.

Bitcoin’s price in discovery

Further data from Glassnode signals a correlation between the increase in USDT, USDC, BUSD’s supply, and Bitcoin’s price appreciation. As shown below, the growth in stablecoins’ market cap is an indication of growing demand for BTC.

Bitcoin BTC BTCUSD
Source: Glassnode

Over the past two weeks, USDT supply alone has increased by $3.36 Billion, said Glassnode. In the meantime, BTC’s price has been moving sideways, but seems to have enough fuel to sustain the rally and strong support at $60,000, as monitor Whalemap said:

60k is a big macro support now. A lot of Bitcoin was accumulated in that range so selling pressure will not be high there. Easy invalidation if we get into the red zone (just pointing it out for risk management purposes). Price discovery activated.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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