Bitcoin funding rates, indicators of demand in the derivatives market, are declining, possibly suggesting waning bullish sentiment. This follows a rejection of Bitcoin from above $100,000, with analysts pointing to reduced commitment from traders and potential for further price drops.
Bitcoin funding rates , i.e., the fees of crypto derivatives exchanges required to keep the balance between spot and futures prices, are shrinking. This might be a disturbing signal for Bitcoin bulls, the CryptoQuant community author says.As Bitcoin , the largest cryptocurrency, was brutally rejected over $100,000, its derivatives market started showing signs of exhausted demand.
More pain might be ahead for Bitcoiners once the largest cryptocurrency fails to hold above $90,000. Bitcoin might even test lower Fibonacci levels in future downtrends.As covered by U.Today previously, Bitcoin dropped from $102,000 to $95,200 today. In a broader decline, the entire crypto market lost 8.3% of its capitalization, with meme coins being the worst sufferers.Funding rates should be considered as fees exchanges charge derivatives traders with.
However, the Relative Strength Indicator of the trading sentiment looks much more optimistic for Bitcoin . In recent days, it dropped from the mid-70s to almost 35 points, which is the upper level for the"oversold" zone. When Bitcoin was trading above $100,000, this major tech analysis indicator was demonstrating that the orange coin was clearly overbought.
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