Bitcoin’s Market Structure Broken, But This Metric Points To Salvation

Bitcoin’s Market Structure Broken, But This Metric Points To Salvation


Bears wreak havoc in the crypto market and major coins bleed out in the lower and higher timeframes. Bitcoin (BTC) is on a downtrend with a 9% correction over the past day and 20.9% in the 7-day chart. With a market cap below $1 trillion for the first since February, the price action seems to favor the pessimists.

BTC with medium losses in the daily chart. Source: BTCUSD Tradingview

However, analyst William Clemente has pointed towards the current funding rate for BTC futures across all exchanges. At the time of writing, this metrics stands at 0.03%. As the chart below shows, every time BTC’s futures funding rate reached these levels, the price was able to gain momentum and run hot towards new highs. The analyst said:

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Some Silver Lining: Greed has been flushed out of the bitcoin market. These resets in funding rates have been a good gauge of market sentiment. Usually when the market is the most hesitant

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