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Bitcoin (BTC) Eyes $40,000 as It Heads for Fourth Green Week in Row

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Sat, 11/11/2023 - 12:29
Bitcoin (BTC) Eyes $40,000 as It Heads for Fourth Green Week in Row
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Bitcoin is up for the fourth week in a row, with the leading cryptocurrency price hovering just below an 18-month high of $38,000. BTC was up 0.53% in the last 24 hours to $37,019 at the time of writing.

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Bitcoin has risen over 40% in the last four weeks on growing expectations that a spot ETF would be approved soon. On Thursday, Bitcoin was just shy of $38,000, its highest price since May 2022.

Bitcoin is still only around halfway to recapturing the pinnacle of the 2021 crypto frenzy when it peaked at over $69,000.

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Traders are currently aiming for the $40,000 price point and higher. As reported, legendary trader Peter Brandt charted out a price target of $43,289 if a flag or pennant pattern validates for Bitcoin.

The demand for the Bitcoin network is also increasing, according to IntoTheBlock, which states that Bitcoin fees increased by 243% week over week as ordinals' volumes reached a six-month high.

Institutional and whale demand has also increased significantly, with Bitcoin experiencing an 80% spike in the volume of transactions exceeding $100,000. Over the last week, $230 million in Bitcoin was deposited into exchanges.

Perpetual swap funding rates might suggest caution

Perpetual swap funding rates for both BTC and ETH have reached their highest level in over a year, according to IntoTheBlock.

Funding rates are the fees that perpetual contract holders must pay when their prices are higher or lower than spot prices.

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Large funding rates in either direction have historically characterized moments where the market has gotten overextended, as shown during the FTX crash last November.

Bitcoin funding rates reaching yearly highs may indicate that the market is possibly overly ready to go long.

This may not necessarily indicate that prices will crash soon, as funding rates remained high for several weeks at periods in 2021, but it may indicate the need for some caution.

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