Every Profitable Bitcoin Trader Is Watching These TWO data points

👇1-10) A moment of truth is near. Bitcoin has rallied from 60,000 to 67,500 in four days, almost reaching our line in the sand. However, the rally occurred within four one-hour time windows and appeared driven by several blocks of larger orders instead of gradual buying during those four days.

👇2-10) The real test is not our 68,300 ‘line-in-the-sand’ level, which symbolizes the previous high. After retesting, this previous bull market’s all-time high level, while previously rejected, caused a parabolic move in Bitcoin in the last cycles.

👇3-10) As crypto futures traders have turned cautious, the real test is for the spot market to drive this rally higher. Although the funding rate was elevated during the last couple of weeks, signaling that futures traders were willing to deploy excessive leverage, it has turned negative for the first time since mid-October 2023. But there is a lot more to say about this, as we explain below.

Bitcoin’s Funding Rate Has Turned Negative

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