{"id":521756,"date":"2023-03-03T11:35:11","date_gmt":"2023-03-03T11:35:11","guid":{"rendered":"https:\/\/wncen.com\/?p=521756"},"modified":"2024-06-11T10:41:45","modified_gmt":"2024-06-11T10:41:45","slug":"bitcoin-funding-rate-turns-negative-short-squeeze-incoming","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-funding-rate-turns-negative-short-squeeze-incoming\/","title":{"rendered":"Bitcoin Funding Rate Turns Negative, Short Squeeze Incoming?"},"content":{"rendered":"

Bitcoin saw its biggest long squeeze in four months at the start of the trading day in Hong Kong today, which briefly sent the price below $22,000. Within the last 24 hours, a total of over $73 million in longs were liquidated, and over $200 million in the entire crypto market.<\/p>\n

As NewsBTC reported<\/a>, the sudden crash can be attributed to various reasons, with more than just the Silvergate narrative likely playing a role. Apparently, there was a huge transaction on Binance a minute before the collapse that triggered the cascading effect.<\/p>\n

Bitcoin Funding Rates Fall Into Negative<\/h2>\n

The liquidation of the long positions has the positive side effect that the Bitcoin funding rate across all exchanges is negative for the first time since February 13. Remarkably, that day marked the last local low before the Bitcoin price rallied from $21,300 to $25,200.<\/p>\n

As the chart from CryptoQuant shows, the Bitcoin price was in a consolidation phase from January 20 to mid-February, after a massive Bitcoin rally during the first three weeks of January. During the uptrend, the funding rate was consistently positive, reflecting the bullish sentiment on the market.<\/p>\n

Related Reading: Bitcoin Price Crashes Below $22,000, These Are The Reasons<\/a><\/div>\n

It required a reset before the next leg up could happen. When the sentiment seemed to turn around, the bulls took the opportunity to short-squeeze the bears and initiated the next move upwards. This scenario could now be on the table again.<\/p>\n

\"Bitcoin
Bitcoin funding rates, all exchanges | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

Funding rates are periodic amounts paid between short and long traders holding positions in open-ended futures contracts. Their purpose is to keep the spread between Bitcoin spot and Bitcoin futures in sync.<\/p>\n

When a funding rate is positive, long positions are paid with short positions, reflecting bullish sentiment. The opposite is true, when funding rates are negative, bearish sentiment prevails in the market. Commenting on today’s pivot, analyst\u00a0James V. Straten said<\/a>:<\/p>\n

Bitcoin perpetual funding rate turns negative. So far this year it’s gone wrong for the bears every single time.<\/strong><\/p><\/blockquote>\n

Even though Bitcoin’s funding rate is only slightly negative, today’s trend is notable as the metric is negative for the first time in weeks, reflecting concerns of another price drop.<\/p>\n

Related Reading: Bitcoin Price Plunges 5% After Rejection and Now At Risk of Move To $21K<\/a><\/div>\n

However, it is important to note that from a purely technical perspective, Bitcoin is still in an uptrend. Theoretically, BTC could fall even further to maintain the higher low structure.<\/p>\n

Nevertheless, Bitcoin is now close to the “do or die” level. A fall below the block around $21,600 would mean a break in the market structure.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Dmitry Demidko \/ Unsplash, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin saw its biggest long squeeze in four months at the start of the trading day in Hong Kong today, which briefly sent the price below $22,000. Within the last 24 hours, a total of over $73 million in longs were liquidated, and over $200 million in the entire crypto market. As NewsBTC reported, the sudden crash can be attributed to various reasons, with more than just the Silvergate narrative likely playing a role. Apparently, there was a huge transaction on Binance a minute before the collapse that triggered the cascading effect. Bitcoin Funding Rates Fall Into Negative The liquidation of the long positions has the positive side effect that the Bitcoin funding rate across all exchanges is negative for the first time since February 13. Remarkably, that day marked the last local low before the Bitcoin price rallied from $21,300 to $25,200. As the chart from CryptoQuant shows, the Bitcoin price was in a consolidation phase from January 20 to mid-February, after a massive Bitcoin rally during the first three weeks of January. During the uptrend, the funding rate was consistently positive, reflecting the bullish sentiment on the market. Related Reading: Bitcoin Price Crashes Below $22,000, These Are The Reasons It required a reset before the next leg up could happen. When the sentiment seemed to turn around, the bulls took the opportunity to short-squeeze the bears and initiated the next move upwards. This scenario could now be on the table again. Funding rates are periodic amounts paid between short and long traders holding positions in open-ended futures contracts. Their purpose is to keep the spread between Bitcoin spot and Bitcoin futures in sync. When a funding rate is positive, long positions are paid with short positions, reflecting bullish sentiment. The opposite is true, when funding rates are negative, bearish sentiment prevails in the market. Commenting on today’s pivot, analyst\u00a0James V. Straten said: Bitcoin perpetual funding rate turns negative. So far this year it’s gone wrong for the bears every single time. Even though Bitcoin’s funding rate is only slightly negative, today’s trend is notable as the metric is negative for the first time in weeks, reflecting concerns of another price drop. Related Reading: Bitcoin Price Plunges 5% After Rejection and Now At Risk of Move To $21K However, it is important to note that from a purely technical perspective, Bitcoin is still in an uptrend. Theoretically, BTC could fall even further to maintain the higher low structure. Nevertheless, Bitcoin is now close to the “do or die” level. A fall below the block around $21,600 would mean a break in the market structure. Featured image from Dmitry Demidko \/ Unsplash, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":521762,"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":[428,1119,70225],"class_list":["post-521756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-funding-rate"],"acf":[],"yoast_head":"\nBitcoin Funding Rate Turns Negative, Short Squeeze Incoming?<\/title>\n<meta name=\"description\" content=\"The Bitcoin funding rate across all exchanges is negative for the first time since February 13. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Funding Rate Turns Negative, Short Squeeze Incoming?","url":"http:\/\/wncen.com\/news\/bitcoin-funding-rate-turns-negative-short-squeeze-incoming\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-funding-rate-turns-negative-short-squeeze-incoming\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","funding rate"],"dateCreated":"2023-03-03T11:35:11Z","datePublished":"2023-03-03T11:35:11Z","dateModified":"2024-06-11T10:41:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Funding Rate Turns Negative, Short Squeeze Incoming?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-funding-rate-turns-negative-short-squeeze-incoming\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-funding-rate-turns-negative-short-squeeze-incoming\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"funding rate\"],\"dateCreated\":\"2023-03-03T11:35:11Z\",\"datePublished\":\"2023-03-03T11:35:11Z\",\"dateModified\":\"2024-06-11T10:41:45Z\"}<\/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\/2023\/03\/dmitry-demidko-eBWzFKahEaU-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521756"}],"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\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=521756"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521762"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=521756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=521756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=521756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}