The crypto market saw high gains for the second day after the weekend sell-off that caused the market to look like a bloodbath.
Data from TradingView showed that Bitcoin rose above $54,000 in the early trading hours of Tuesday. As of writing, the pioneer cryptocurrency is trading at $55,152, a gain of 4.08% in the last 24 hours. It appears that bulls are aiming to break the $55,000 resistance to allow for a possible rally to $58,000.
Bitcoin Eyes $58k
Organic growth has resumed in the BTC market. The spot-driven BTC bounce back looks sustainable.
In a tweet on April 27, analyst Lex Moskovski noted that futures funding rates are suggesting this week’s BTC price run has been completely organic.
Funding rates are a popular metric for measuring the health of BTC price movements. They essentially show which traders are on the right side of the bet (long or short) — a high funding rate on a platform means