{"id":462800,"date":"2021-05-02T19:00:01","date_gmt":"2021-05-02T19:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=462800"},"modified":"2024-06-11T13:55:25","modified_gmt":"2024-06-11T13:55:25","slug":"funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price\/","title":{"rendered":"Funding Rates Low After 10K Rally, What This Means For Bitcoin’s Price"},"content":{"rendered":"

Bitcoin has been sitting above a critical support zone during the weekend<\/a>. At the time of writing, BTC trades at $56.662 with sideways movement in the daily chart. In the weekly chart, the first cryptocurrency by market cap has a 12.8% following a $10,000 rally from the higher zone in the $40,000 range.<\/p>\n

\"Bitcoin
BTC moving sideways in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

The bullish sentiment appears to be making a comeback in the crypto market with many investors expecting new highs in the short term. In the meantime, BTC<\/a> could consolidate at current levels with $54,000 as a critical support zone as there is a large concentration of investors that bought around these levels, as trader Byzantine General showed<\/a>.<\/p>\n

\"WhaleMap
Source: Whalemap via Byzantine General<\/figcaption><\/figure>\n

During BTC\u2019s climb towards the upper $50,000 range, CryptoQuant CEO Ki-Young Ju registered an increase in whale\u2019s activity<\/a>. According to Young Ju, \u201cmassive Bitcoin have transferred\u201d across all exchange platforms. Possible due to OTC (Over-the-Counter) deals made by institutions still accumulating BTC. CryptoQuant CEO added<\/a>:<\/p>\n

Significant Coinbase Premium could indicate institutional investors in the United States are buying. A significant amount of $BTC moved to derivative exchanges from other exchanges, meaning whales might open a long position by using their BTC as collateral. This happened in the dip.<\/p><\/blockquote>\n

\"CryptoQuant
Source: CryptoQuant<\/figcaption><\/figure>\n

Further data provided by analyst William Clemente shows an increase in stablecoin Tether (USDC) Total Transfer Volume to Exchanges. The last time the metric registered a spike, Tesla announced their Bitcoin purchase<\/a>. The analyst believes that the demand for BTC in the market is rising and could contribute to more appreciation.<\/p>\n

In parallel, funding rates during BTC\u2019s rally have remained<\/a> relatively low. Therefore, and in spite of a rise in the whale\u2019s activity, the analyst believes the rally has been driven organically by investors in the spot market. Clemente added: \u201cPrice is likely going much higher in the coming weeks\u201d.<\/p>\n

\"Bitcoin
BTC funding rate low as of May 1st. Source: Glassnode via William Clemente<\/figcaption><\/figure>\n

$55,000 As The New Bottom For Bitcoin\u2019s Price<\/h2>\n

Trader Josh Rager is more conservative and expects<\/a> BTC to test the weekly level at $59.979. If it holds it, BTC could see new highs, but until then \u201cwe\u2019re just ranging as price goes\u201d into that target, as the trader said.<\/p>\n

\"Bitcoin
Source: Josh Rager<\/figcaption><\/figure>\n

If Bitcoin<\/a> retakes a downtrend, $50,000 could be the new $10,000 for future corrections. Data provided by Glassnode via analyst Clemente indicates that 14.46% of BTC\u2019s supply has been bought in the mid area of the $50,000 range.<\/p>\n

This constitutes Bitcoin\u2019s largest base of capital seems the cryptocurrency was around $6,000 and $11,000, as the analyst said<\/a> adding the following:<\/p>\n

Each bull-market forms a base of capital 2-3X above previous ATH, marking “the point of no return.” Would eye this as the next bear market floor.<\/p><\/blockquote>\n

\"Bitcoin
Source: Glassnode via William Clemente<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been sitting above a critical support zone during the weekend. At the time of writing, BTC trades at $56.662 with sideways movement in the daily chart. In the weekly chart, the first cryptocurrency by market cap has a 12.8% following a $10,000 rally from the higher zone in the $40,000 range. The bullish sentiment appears to be making a comeback in the crypto market with many investors expecting new highs in the short term. In the meantime, BTC could consolidate at current levels with $54,000 as a critical support zone as there is a large concentration of investors that bought around these levels, as trader Byzantine General showed. During BTC\u2019s climb towards the upper $50,000 range, CryptoQuant CEO Ki-Young Ju registered an increase in whale\u2019s activity. According to Young Ju, \u201cmassive Bitcoin have transferred\u201d across all exchange platforms. Possible due to OTC (Over-the-Counter) deals made by institutions still accumulating BTC. CryptoQuant CEO added: Significant Coinbase Premium could indicate institutional investors in the United States are buying. A significant amount of $BTC moved to derivative exchanges from other exchanges, meaning whales might open a long position by using their BTC as collateral. This happened in the dip. Further data provided by analyst William Clemente shows an increase in stablecoin Tether (USDC) Total Transfer Volume to Exchanges. The last time the metric registered a spike, Tesla announced their Bitcoin purchase. The analyst believes that the demand for BTC in the market is rising and could contribute to more appreciation. In parallel, funding rates during BTC\u2019s rally have remained relatively low. Therefore, and in spite of a rise in the whale\u2019s activity, the analyst believes the rally has been driven organically by investors in the spot market. Clemente added: \u201cPrice is likely going much higher in the coming weeks\u201d. $55,000 As The New Bottom For Bitcoin\u2019s Price Trader Josh Rager is more conservative and expects BTC to test the weekly level at $59.979. If it holds it, BTC could see new highs, but until then \u201cwe\u2019re just ranging as price goes\u201d into that target, as the trader said. If Bitcoin retakes a downtrend, $50,000 could be the new $10,000 for future corrections. Data provided by Glassnode via analyst Clemente indicates that 14.46% of BTC\u2019s supply has been bought in the mid area of the $50,000 range. This constitutes Bitcoin\u2019s largest base of capital seems the cryptocurrency was around $6,000 and $11,000, as the analyst said adding the following: Each bull-market forms a base of capital 2-3X above previous ATH, marking “the point of no return.” Would eye this as the next bear market floor.<\/p>\n","protected":false},"author":535,"featured_media":459383,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-462800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nFunding Rates Low After 10K Rally, What This Means For Bitcoin's Price<\/title>\n<meta name=\"description\" content=\"Bitcoin has been sitting above a critical support zone during the weekend. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Funding Rates Low After 10K Rally, What This Means For Bitcoin’s Price","url":"http:\/\/wncen.com\/news\/funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-BTC-7.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-BTC-7.jpg?fit=991%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-05-02T19:00:01Z","datePublished":"2021-05-02T19:00:01Z","dateModified":"2024-06-11T13:55:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Funding Rates Low After 10K Rally, What This Means For Bitcoin’s Price\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/funding-rates-low-after-10k-rally-what-this-means-for-bitcoins-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Bitcoin-BTC-7.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Bitcoin-BTC-7.jpg?fit=991%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-05-02T19:00:01Z\",\"datePublished\":\"2021-05-02T19:00:01Z\",\"dateModified\":\"2024-06-11T13:55:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-BTC-7.jpg?fit=991%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=462800"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459383"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=462800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=462800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=462800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}