- Bitcoin funding rates have shown great strength and point to Bitcoin (BTC) rallying to its all-time high of $69,000.
- BTC has already shown great resilience as it surpassed $37,000 this week to mark a new 2023 high.
As Bitcoin (BTC) continues to demonstrate its strength in the ongoing bullish wave, key indicators point to bullish macro volatility that could see the top cryptocurrency retest its all-time high (ATH) of $69,000. This level was reached nearly 2 years ago and since dropping from it, the digital asset has suffered a two-year-long bearish phase.
With the next Bitcoin halving only a few months away and the prospects of a Bitcoin spot ETF being approved over the coming weeks looking imminent, investors are strongly bullish, and demand for BTC has skyrocketed in recent weeks. According to the latest data, Bitcoin’s funding rates are at the highest level since the last ATH. According to some market commentators, this indicates that the largest cryptocurrency by market cap is looking to retest the last ATH over the coming weeks.
Bitcoin’s funding rates are at the highest level since last ATH. pic.twitter.com/mMlnJleQ5u
— Thomas Kralow (@TKralow) November 12, 2023
Data suggests that this development will continue to drive the bullish momentum unless there is an external trigger. A macroeconomic shift such as the Consumer Price Index (CPI) could easily trigger great market volatility on either a bearish or extremely bullish path.
Some commentators have also been pointing out that the political shift witnessed in the world could also have an impact on Bitcoin prices. The emergence of the BRICS coalition that challenges the U.S. dollar’s dominance is one of those changes that could positively impact Bitcoin. The ongoing conflict between Ukraine and Russia as well as Israel and Hamas, and the involvement of the U.S. which has been funding the conflict could also play a key role.
In fact, according to the co-founder of the BitMEX derivatives exchange, the current bullish wave is not being driven by the Bitcoin spot ETF hype, but by the US military spending. The founder notes, “Added to Ukraine’s tab, America’s military budget is set to truly explode,” Hayes continues to add, “This will increase future government borrowing, and the sky’s the limit when it comes to the sums of capital a war can waste.”
“The Periphery” is an essay explaining why I believe the $BTC bear market is officially over.
A proxy war in Israel morphs into WW3, and a Fed that is paused means lights out for treasuries.
YCC is just around the corner.https://t.co/bqCVc8IIhL pic.twitter.com/2raD1ZWMDN
— Arthur Hayes (@CryptoHayes) October 24, 2023
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Supporting the bullish view that BTC will soon reach its ATH of $69,000, is data from the Crypto Fear & Greed Index. The chart shows that the market is increasingly “Greedy” suggesting increasing demand for the digital asset, conditions matching those seen as BTC price action hit its current all-time highs in late 2021. At the time of press, BTC is exchanging for $36,450 after a retracement having started the week at a yearly high of $37,000. Experts anticipate that the digital asset will continue on an upward trajectory, dragging with it the rest of the market to reach new highs.
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