Crypto Blog
Bitcoin is on the verge of reaching $100K. To many, this may seem like the ultimate milestone and it’s been one that investors have been looking forward to for a long time.In terms of daily timeframe, it is evident that the price has been rapidly climbing since the beginning of November.Meanwhile, as the price approaches $100K, the Relative Strength Index is showing a worrying signal, as the market is clearly overbought according to this oscillator.
Unlike the daily chart, the RSI is just entering the overbought region in the 4-hour timeframe, and there’s seemingly more upside to be expected in the short term.As Bitcoin’s price continues to rally and break past several resistance levels, investors are optimistic about the short term. This is evident in the funding rates chart, which measures futures market sentiment.
Funding rates indicate whether the buyers or the sellers are dominant in aggressive buying or selling in the futures market. Positive values are interpreted as bullish sentiment, while negative values show fear and bearish sentiment. As the chart suggests, funding rates are rising significantly compared to the past few months. However, they have yet to reach the values seen during the last all-time high of $74K earlier this year. Therefore, while funding rate spikes can always lead to sudden crashes due to long-liquidation cascades, it seems that there is still room to grow for both price and market sentiment.Disclaimer: Information found on CryptoPotato is those of writers quoted.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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