Bitcoin (BTC), After a very volatile month, it became active again, especially as the end of the year was approaching. The leading cryptocurrency started its rally last night. for $51,000 managed to carry it. BTC, which has increased by 5% or more in 24 hours, is currently trading above $ 51,000.
Night Mobility in BTC
Bitcoin price This rise made the altcoins move in general, but the most important news came from the BTC front. Bitcoin funding rates hit a one-year low earlier this month, causing concern. After the BTC price dropped to $ 42,000, it can be said that this is actually normal. The leading cryptocurrency rebounded after that.
The funding rate has been in neutral territory since December 4, but the recent upswing has changed the situation. Looking at the funding rates on the FTX and Deribit cryptocurrency exchanges, it is seen that they have moved back to the positive zone, that is, to the positive point for the price. Following FTX and Deribit, Binance and Bybit also contribute positively to funding rates.
It seems that there is a very serious decrease in funding rates compared to October, when the BTC price saw $ 69,000, but this still does not hide the positive direction. The number of open interest in Bitcoin futures also crashed on December 4, but this is now giving a slow recovery signal.
All this may indicate a new rally for BTC at the end of the year.
*Not Investment Advice.