Bitcoin’s notable increase today prepares the cryptocurrency to hit the $14,000 again and it rallied to get to the new year-to-date high at $13,350 as of the time of writing. The latest move higher just happened and brought the leading cryptocurrency from $13,150 to the previously mentioned highs so let’s read more in today’s Bitcoin news.
This move came after bitcoin saw a notable daily candle close of $13,000 and the candle close was the highest of the kind since January 2018. Many saw this as a notable movement as the $13,000 has long been an important level for Bitcoin to hold as it was seen previously in 2019 and some price action back in 2018. Bitcoin’s notable increase led to new weekly high and year-to-date high at $13,350 so the cryptocurrency is up by 2.5 % in the past 24 hours outperforming all Bitcoin Cash, XRP, and Ethereum as well as other smaller assets. The only assets in the top 20 that are outperforming Bitcoin are LTC, LINK, and Monero.
The futures market interestingly doesn’t seem to be embracing the move as ByBit crypto tracker reported, almost all BTC perpetual futures markets now have neutral funding rates at 0.01% per eight hours. The funding rate is the fee that the long positions pay short positions in order to ensure that the price of a future is about the same price as the spot market. High funding rates often show that derivatives trackers are pushing the price of the coin higher.
ByBt reports that the Bitcoin funding rates and perpetual futures on Binance, Huobi, and BitMEX are all 0.01%. This is a neutral rate while on OKEx, the rate is negative at -0.0077%. Some see this as a sign that the BTC price will go on with the increasing movement in the days ahead as the asset has still room to rally. Some analysts believe that Bitcoin will soon visit the $14,000 level as the trader who predicted the decline in September down to a 2% accuracy, shared a chart where it shows that bitcoin could soon shoot higher.
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