Bitcoin funding rate has been positive, indicating a bullish sentiment in the cryptocurrency market.
The funding rate of Bitcoin, a gauge of general trader sentiment in the cryptocurrency market, has remained positive over the past few weeks, indicating a trend towards a bullish attitude, according to a post on X by cryptocurrency service company Matrixport.
Furthermore, there has been an increase in futures funding positions throughout the last day. Fast traders, especially those involved in futures trading, expect Bitcoin’s price to continue rising, according to the company’s research.
According to CryptoQuant, an on-chain and market data analytics firm, analyst Crypto Dan has also predicted that the cryptocurrency market is currently seeing a bullish trend and that the price of Bitcoin will likely continue to rise, likely in a more gradual fashion, beginning in early June.
The sentiment regarding Bitcoin’s continuous expansion remains favorable, according to Singapore-based cryptocurrency trading business QCP Capital, which has been observing an uptick in trading activity. QCP Capital shared this information in a recent broadcast. Bitcoin took a bold step forward, rallying beyond $69,000 in Asia, despite the unfavorable press surrounding Mt. Gox and the DMM breach last week.
The company predicted that investors, anticipating additional demand, will remain positive on the market until the introduction of Ethereum (ETH) spot exchange-traded funds (ETFs).
As expectations of future interest rate changes drive up equity market prices, bitcoin falls to $68,931
According to CoinMarketCap, BTC’s price has dropped 0.14 percent in the past 24 hours, to $68,921 at the time of writing. After rising on Monday, the cryptocurrency has since fallen. Within the last 24 hours, it has reached a low of $68,616 and a high of $70,229. Today, Bitcoin’s dominance of the market increased by 0.11%, reaching 53.09%.
Yesterday, it seemed that the rising value of equities markets—especially the main indexes in Europe and the UK—coincided with the price of Bitcoin. This upward movement was correlated with the assumption that borrowers in the Eurozone would reap the benefits of lower interest rates during the week. Some predictions indicate that the European Central Bank may cut its benchmark rates this week in response to recent inflation declines.