{"id":602717,"date":"2024-04-11T17:00:58","date_gmt":"2024-04-11T17:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602717"},"modified":"2024-06-11T08:17:37","modified_gmt":"2024-06-11T08:17:37","slug":"bitcoin-healthy-btc-to-rally-above-74000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-healthy-btc-to-rally-above-74000\/","title":{"rendered":"Bitcoin &#8220;Looks Healthy&#8221; After 2 Months, Backs BTC To Rally Above $74,000"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin, one analyst\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/PositiveCrypto\/status\/22856735\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\"> on X, is looking healthy for the first time since the coin soared to over $70,000, printing all-time highs back in March 2024. The assessment is due to funding rates dropping to within ordinary levels, an indicator that volatility is also falling and moments of fear of missing out (FOMO) are fading.\u00a0<\/span><\/p>\n<figure id=\"attachment_602718\" aria-describedby=\"caption-attachment-602718\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-602718\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?resize=1024%2C683\" alt=\"BTC funding rate is dropping | Analyst on X\" width=\"1024\" height=\"683\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=3712 3712w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GK3V5m9bAAAL2ZE.jpg?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-602718\" class=\"wp-caption-text\">BTC funding rate is dropping | Analyst on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Funding Rates At &#8220;Normal Levels&#8221; As FOMO Dissipates<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In crypto perpetual trading, the funding rate is the fee exchanged between market participants. These fees are market-determined and are adjusted every eight hours or so.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Depending on market conditions, they can be positive or negative. However, they play a critical role in determining momentum. Of note, bulls pay a fee to bears When perpetual prices are higher than the spot price. This, in turn, discourages buying in the perpetual market and incentivizes buying into the spot, bringing prices closer.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ceo-throws-cold-water-on-may-ethereum-etf-approval-impact-on-price\/\" target=\"_blank\" rel=\"noopener \">CEO Throws Cold Water On May Ethereum ETF Approval \u2013 Impact On Price<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Whenever prices rally, as has been the case since the start of the year when Bitcoin has generally been in the green, those who enter long have to pay sellers to keep prices from deviating, as mentioned above.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, at spot rates, the rate leveraged buyers are paying is slightly lower as FOMO drops. Once prices rapidly expand, ideally above March 2024 highs, this funding rate will likely increase to February and March 2024 levels.<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/bm6sjc3I\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/bm6sjc3I\/\" alt=\"Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/bm6sjc3I\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">So far, Bitcoin is changing hands above $70,800 at spot rates and within a bullish formation. Of note is that buyers are in charge of reversing losses posted on April 8.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, for the uptrend to remain, prices must break out above $72,500 and the April 8 high on rising volume. BTC will likely float to over $73,800 and enter price discovery in that case.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Rises After CPI Data In The United States, Institutions Pouring In?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">With FOMO dissipating and &#8220;normalcy resuming,&#8221; the analyst said the coin is now better positioned to soar higher, backed by organic momentum generated from market participants. After dipping slightly on April 9, the coin rose following positive news about the Consumer Price Index (<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-tumbles-hot-cpi-data-analyst-ultra-bullish\/\" target=\"_blank\" rel=\"noopener \">CPI<\/a>) in the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the &#8220;hot&#8221; CPI pushed other assets lower, Bitcoin prices bounced to spot levels. Experts say the coin might benefit as risk-averse traders shift to safe-haven coins to shield their value from raging inflation.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/crypto-expert-most-undervalued-altcoin-right-now\/\" target=\"_blank\" rel=\"noopener \">Crypto Expert Unveils Most Undervalued Altcoin Right Now<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Beyond this, analysts expect demand for spot Bitcoin exchange-traded funds (ETFs) to rise in the months ahead. As institutions pour in, buying shares of spot BTC ETFs issued by players like Fidelity, the demand for the underlying coin might soar to fresh levels, lifting prices. Moreover, some analysts are bullish, saying prices will benefit once GBTC stops offloading coins.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, one analyst\u00a0notes on X, is looking healthy for the first time since the coin soared to over $70,000, printing all-time highs back in March 2024. The assessment is due to funding rates dropping to within ordinary levels, an indicator that volatility is also falling and moments of fear of missing out (FOMO) are fading.\u00a0 Funding Rates At &#8220;Normal Levels&#8221; As FOMO Dissipates In crypto perpetual trading, the funding rate is the fee exchanged between market participants. These fees are market-determined and are adjusted every eight hours or so.\u00a0 Depending on market conditions, they can be positive or negative. However, they play a critical role in determining momentum. Of note, bulls pay a fee to bears When perpetual prices are higher than the spot price. This, in turn, discourages buying in the perpetual market and incentivizes buying into the spot, bringing prices closer.\u00a0 Related Reading: CEO Throws Cold Water On May Ethereum ETF Approval \u2013 Impact On Price Whenever prices rally, as has been the case since the start of the year when Bitcoin has generally been in the green, those who enter long have to pay sellers to keep prices from deviating, as mentioned above.\u00a0 However, at spot rates, the rate leveraged buyers are paying is slightly lower as FOMO drops. Once prices rapidly expand, ideally above March 2024 highs, this funding rate will likely increase to February and March 2024 levels. So far, Bitcoin is changing hands above $70,800 at spot rates and within a bullish formation. Of note is that buyers are in charge of reversing losses posted on April 8.\u00a0 Even so, for the uptrend to remain, prices must break out above $72,500 and the April 8 high on rising volume. BTC will likely float to over $73,800 and enter price discovery in that case. Bitcoin Rises After CPI Data In The United States, Institutions Pouring In? With FOMO dissipating and &#8220;normalcy resuming,&#8221; the analyst said the coin is now better positioned to soar higher, backed by organic momentum generated from market participants. After dipping slightly on April 9, the coin rose following positive news about the Consumer Price Index (CPI) in the United States.\u00a0 While the &#8220;hot&#8221; CPI pushed other assets lower, Bitcoin prices bounced to spot levels. Experts say the coin might benefit as risk-averse traders shift to safe-haven coins to shield their value from raging inflation. Related Reading: Crypto Expert Unveils Most Undervalued Altcoin Right Now Beyond this, analysts expect demand for spot Bitcoin exchange-traded funds (ETFs) to rise in the months ahead. As institutions pour in, buying shares of spot BTC ETFs issued by players like Fidelity, the demand for the underlying coin might soar to fresh levels, lifting prices. Moreover, some analysts are bullish, saying prices will benefit once GBTC stops offloading coins.\u00a0 Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":597605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,78790,84888,89583],"class_list":["post-602717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-cpi","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Bitcoin &quot;Looks Healthy&quot; After 2 Months, Backs BTC To Rally Above $74,000<\/title>\n<meta name=\"description\" content=\"Bitcoin, one analyst notes, looks healthy at spot rates as funding rates drop signaling a possible end of FOMO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-healthy-btc-to-rally-above-74000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin &quot;Looks Healthy&quot; 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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