Bitcoin has been ranging between $90,000 and $100,000, with investors turning bullish when it approaches $100,000 and bearish when it heads toward $90,000. The movement of Bitcoin is influenced by derivatives such as futures and options, which make up a small percentage of the market but have a significant impact. Traders closely watch the futures perpetual funding rate, which recently went negative for the first time this year, leading to a leverage flush and sentiment shift before Bitcoin moved back above $94,000. A negative funding rate can indicate a potential market bottom or continued bear market, while a positive rate could reflect strong demand or an overheated market. Historically, negative funding rates have occurred during price bottoms, signaling a floor for Bitcoin.



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