Bitcoin has begun to press higher despite weakness in legacy markets. The price of the leading cryptocurrency is currently at $10,470 despite reaching lows of $9,800 earlier this week; also, altcoins have begun to surge, suggesting that this is once again a buyer’s market.
BTC is moving above pivotal support levels during this slight rally.
While some think this is an upward fakeout, there are signs that this may be the start of a rally that takes Bitcoin back to $11,000. Here’s why.
Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin Why the Ongoing Crypto Rally Is the Real Deal, Analyst Explains
A cryptocurrency trader thinks Bitcoin’s ongoing rally is “the real deal” for one simple reason: the funding rates of leading BTC futures markets are predicted to go into the negative.
These are predicted readings, but it shows that there are shorters attempting to suppress the Bitcoin price as it breaks out.
When funding rates