{"id":13774,"date":"2023-10-24T15:40:40","date_gmt":"2023-10-24T15:40:40","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13774"},"modified":"2023-10-24T15:40:42","modified_gmt":"2023-10-24T15:40:42","slug":"btc-price-pullback-after-35k-bitcoin-funding-rates-turn-grossly-positive","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13774","title":{"rendered":"BTC price pullback after $35K? Bitcoin funding rates turn &#8216;grossly positive&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Opinions diverge on Bitcoin funding rates<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView tracked BTC price volatility through the day, with $34,000 a focus at the time of writing.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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 Indicators \u201chonestly expected to see more resistance at $30.5k, $31.5k and even $33k.\u201d <\/p>\n<p>\u201cThose levels were obliterated and and when an $87M buy wall appeared at $30.6k that set the foundation for a R\/S flip with no hesitation from the market,\u201d it explained. <\/p>\n<p>\u201cOnce $32k was taken out, some of the overhead liquidity was pulled and the thin liquidity made it easy for BTC to rip to $35k quickly.\u201d<\/p>\n<p>The post added that with some bid liquidity now pulled from below, there was a \u201copportunity for a potential retrace.\u201d<\/p>\n<p>One of two accompanying charts covered the past 24 hours on the Binance order book.<\/p>\n<p><em>BTC\/USD order book data for Binance. Source: Material Indicators\/X<\/em><\/p>\n<p>Other factors lining up to contribute to a deeper consolidation included funding rates across exchanges, which at the time of writing were deep inside positive territory.<\/p>\n<p lang=\"en\" dir=\"ltr\">Be cautious with new longs\u2757\ufe0f pic.twitter.com\/jsuXPdIhRq<\/p>\n<p>\u2014 CryptoBullet (@CryptoBullet1) October 24, 2023<\/p>\n<p>\u201cFunding is grossly positive,\u201d popular trader CryptoBullet wrote during an X discussion. <\/p>\n<p>\u201cIt means that the vast majority of traders are longing. The majority is never right. The market maker will have to wipe out those late longs.\u201d<\/p>\n<p>BTC short liquidations on the way up totalled $161 million and $48 million for Oct. 23 and 24, respectively, per data from monitoring resource CoinGlass.<\/p>\n<p><em>Bitcoin liquidations (screenshot). Source: CoinGlass<\/em><\/p>\n<p>Commenting on funding rates, fellow trader Daan Crypto Trades argued that the market might yet preserve its direction \u2014 part of familiar bull market behavior.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Still a perpetual premium but it has come down a bit.<\/p>\n<p>It&#8217;s good to note that during the bull market, we often had weeks of positive funding rates as that was just seen as &#8220;the price to pay to participate&#8221;.<\/p>\n<p>Similar how during 2022-2023 we were mostly negative. https:\/\/t.co\/W3AtaydaQd pic.twitter.com\/Hl2mnVz9sa<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) October 24, 2023<\/p>\n<p>Bitcoin\u2019s retracement on the day came inside a reversal upward for U.S. dollar strength, which had waned the day prior.<\/p>\n<h2>Dollar rebounds as BTC price consolidates<\/h2>\n<p><strong><em>Related:\u00a0Bitcoin price surge drives BTC-related stocks to new multiweek highs<\/em><\/strong><\/p>\n<p>The U.S. dollar index (DXY) retook 106, up 0.5% versus its intraday low.<\/p>\n<p>Bitcoin continues to exhibit mixed reactions to DXY movements, where once a clear inverse correlation was apparent.<\/p>\n<p lang=\"en\" dir=\"ltr\">It&#8217;s too obvious that $DXY is moving downward since it forms a new lower low.<br \/>At the same time, a nice breakout can be seen in #Bitcoin. pic.twitter.com\/NP65yDnlRJ<\/p>\n<p>\u2014 Trader Tardigrade (@TATrader_Alan) October 24, 2023<\/p>\n<p>In recent commentary, popular macro analyst James Stanley argued that the Oct. 26 Personal Consumption Expenditures (PCE) data release would be the major decisive factor for DXY in the short term.<\/p>\n<p>As Cointelegraph reported, this precedes the Nov. 1 meeting of the Federal Open Market Committee (FOMC), where the Federal Reserve will decide on interest rate policy.<\/p>\n<p>\u201c104.70 was the low from last FOMC, that&#8217;s what bulls need to defend imo,\u201d Stanley wrote.<\/p>\n<p><em>U.S. dollar index (DXY) 1-hour chart. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-34k-bitcoin-funding-rates-positive\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13774"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13774\/revisions"}],"predecessor-version":[{"id":13776,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13774\/revisions\/13776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13775"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}