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Cryptocurrency

Bitcoin eyes $58K as spot-driven BTC bounce makes rally 'look sustainable'

April 27, 2021. Summarized by summa-bot.

Compression ratio: 49.7%. 1 min read.

Bitcoin price action could be targeting $58,000 on the back of low funding rates.

Bitcoin (BTC) is riding high on the back of a "very low and healthy" indicator, according to one market analyst, which could propel it to a key resistance level at $58,000.

In a tweet on April 27, analyst Lex Moskovski noted that futures funding rates are suggesting this week's BTC price run has been completely organic.

Funding rates are a popular metric for measuring the health of BTC price movements.

They essentially show which traders are on the right side of the bet (long or short) — a high funding rate on a platform means longs are "paying" shorts, while low funding rates imply the opposite.

Specifically, the 0. 618 Fibonacci level, as ever a source of support and resistance aims, now sits at just above $58,000 — also the site of a Bitcoin all-time high from February, which held for multiple weeks.

These have contained BTC/USD throughout recent price dips, with the 100-day and 21-week figures regarded as a line in the sand for bulls.

by summa-bot

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