Bitcoin has seen some gains in the past 24 hours as bulls seem to be making a stronger push. However, funding rates across exchange platforms remain negative indicating a high bearish sentiment, at least, in the derivatives sector.
At the time of writing, BTC trades at $32,236 with an 8.4% profit daily and a 2.7% loss in the weekly chart.
BTC pushing into the high of the range in the daily chart. Source: BTCUSD Tradingview
QCP Capital has recorded a “roller-coaster” like price action as Bitcoin dropped from its current levels below $30,000 on the weekend only to return to its past weekly open.
This period saw a rise in Bitcoin inflows to exchange platforms. Contrary to popular belief, Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, believes that the $30,000 support zone exhibits maturation.
As such, he clarified that Bitcoin continues to be in an uptrend supported by bullish signals. In the short term, the China crackdown on