The bitcoin parabolic rally continues as the benchmark cryptocurrency hit a new all-time high of $38,000 just minutes ago, as we can see in today’s BTC news.
The cryptocurrency is up by 8.5% in the past 24hours and up by nearly 30% in the past week alone.
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The crypto market cap is nearly $700 billion which brought it closer to the market capitalization of gold. BTC quickly dropped back under $37,000 as the cryptocurrency encountered a stronger selling pressure at the key levels. The funding rates of leading BTC futures markets are well into the positive zone of 0.1% per eight hours on Binance while on some is lower.
Many see this as a high funding rate and a sign that there are more retail investors who will be buying into the opportunity via futures which could eventually lead to a steeper correction if the upwards buying action slows down. The funding rate is actually a recurring rate that long positions pay short positions on futures platforms to become able to normalize the price of the future to the price of the underlying spot market.
Behind the ongoing BTC price rally, there’s a surge in both retail and institutional interest especially now since SKyBridge owns $300 million worth of BTC. SkyBridge is a leading worldwide alternative investment company that announced the launch of the SkyBridge BTC fund LP which provides mass affluent investors with an institutional-grade vehicle to gain more exposure to BTC. On behalf of its flagship funds, the fund initiated a new position which is valued at $310 million at the time of the release in funds investing in BTC between November and December 2020. The Bitcoin parabolic rally continues with retail investors flooding in crypto more than ever.
As reported earlier today, Bitcoin is up by 10% and managed to break two resistance levels of $35,500 and $36,500 with the price trading to a new all-time high close to the $37,400 which makes it still above the 100 hourly simple moving average. Bitcoin aims for $40K but there’s still a major bullish trendline forming with the support nearing the $35,880 on the hourly charts of the pair which is likely to continue higher towards $38,500 and $39,800 if the trend remains intact.
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