, 2022-10-17 11:32:41,
Bitcoin’s [BTC] fall from $22,000 to $19,000 was not void of the activities of the king coin futures traders. According to CryptoQuant analyst, Greatest_Trader, funding rates in the derivatives market have a great impact on the BTC price. The crypto analyst noted that BTC started its trip to its current $19,250 price since the funding rates turned negative. He said,
“The funding rates have turned negative once again as the price has dropped from the $22K level and is consolidating at the $19K support. However, the metric’s values are significantly low compared to the 2019-2021 period.”
Here’s AMBCrypto’s Price Prediction for Bitcoin [BTC] for 2022-2023
Who is coming to BTC’s rescue?
According to Greatest_Trader, the current funding rates had not reversed to positive, and if not revived, could lead to a further BTC decline. As such, the talk of an “Uptober” may well be in the drain. A look at the funding rate on some exchanges revealed that the analyst concerns could be valid.
Santiment, the on-chain analytics tool, showed that the finding rate on Binance was neutral at 0%. The metric on the DyDx exchange was not also different at 0.0001%. The implication of this was a reduced demand considering the BTC consolidation lately.
Hence, BTC short-term investors may need a hike in futures activities to trigger a considerable rally. However, it didn’t seem like traders were ready to get back in the fray.
This was due to…
To read the original article from ambcrypto.com Click here