BTC price pullback after $35K? Bitcoin funding rates turn 'grossly positive'
Bitcoin may see a deeper retracement at the hands of positive funding rates and a lack of bid liquidity below BTC price, the latest market takes suggest. Bitcoin (BTC) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains. BTC/USD 1-hour chart. Source: TradingView Opinions diverge on Bitcoin funding rates Data from Cointelegraph Markets Pro and TradingView tracked BTC price volatility through the day, with $34,000 a focus at the time of writing. The pair had previously hit 17-month highs near $35,200 on the back of fresh excitement over the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States. Analyzing the sequence of events which led to a $5,000 daily candle, monitoring resource Material Indicators revealed a support/resistance (R/S) flip at $30,600. The speed at which the market broke through resistance in place throughout the past year-and-a-half was surprising, an X post read. Material Indicator...