Bitcoin funding rates remain negative as the BTC price rises to $ 43,500

Bitcoin (BTC) surged nearly $ 1,000 in minutes on Jan. 12 as encouraging signs surfaced on the exchanges.

1-hour candlestick chart for the BTC / USD (Bitstamp) pair. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit $ 43,468 on Wednesday, its highest level since Jan 6.

The pair has had to continue volatile moves depending on the trade, preferring an upward push rather than a further decline.

Bitcoin funding rates remain negative as the BTC price rises to $ 43,500
Bitcoin funding rates remain negative as the BTC price rises to $ 43,500

This would likely take the form of a. appear “short press” against those who were close at the last minute, They quarreled and Wednesday’s sudden spike seemed to support that theory.

Funding rates on all derivatives platforms remained neutral or negative during the volatility, suggesting that the market has placed undue reliance on further losses.

Bitcoin funding rates graph. Source: Coinglass

In response, the popular trader and analyst did Scott Melker, known as “The Wolf Of All Streets,” reiterated his spot price targets to sell BTC again. A rebound from higher levels beyond $ 50,000 would then be a linchpin for market entry, he told his Twitter followers.

In his Tuesday update on YouTube, meanwhile Cointelegraph employee MichaÃl van de Poppe named $ 43,000 as a potential stepping stone to a trip to $ 46,000. thanks to the lack of resistance in the middle.

“I still have orders over $ 38,000; they won’t be fulfilled, but I’ve shopped a lot here,” He said.

In the meantime, Upcoming U.S. Consumer Price Index (CPI) data, released at 8:30 a.m. ET, could further fuel the fire if inflation is out of expectation.

Ether, among the most important altcoins

After Tuesday, altcoins took advantage of Bitcoin’s new strength.

The top 10 cryptocurrencies by market capitalization rose 4% over the day, lead by Polkadot (DOT), Terra (LUNA) Yes Ether (ETH).

The latter was up more than 5% at press time, steadily moving away from the $ 3,000 support.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Previously, the warnings for altcoins in general had come, with tokens that have experienced “real pain” during the current crash.

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