MARKET WRAP: Bitcoin $BTC is in rally mode, although trading volume remained low on Monday. Some analysts expect upside over the short term, albeit with caution.
, or the cost of holding long positions in the perpetual futures market listed on major exchanges, also remains low despite the recent price rally. That could mean leveraged traders are still cautious and have not positioned themselves aggressively during BTC's 13% price jump over the past week.
The funding rate is slightly negative, which means that"leveraged shorts are likely to get liquidated if prices continue to rally, adding more fuel to this short squeeze," QCP Capital wrote.occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. That happens primarily in futures trading.
The previous surge in bitcoin funding rates occurred early in 2021, which preceded a near-50% sell-off. This time, however, funding rates have not reached extreme levels, which suggests some traders have been on the sidelines, scarred by significant liquidations in the prior sell-off.
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