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Bitcoin Stages Sudden Recovery as Funding Turns Positive

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Wed, 08/25/2021 - 16:02
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Alex Dovbnya
Bitcoin trading has become extremely volatile in the middle of the week
Bitcoin Stages Sudden Recovery as Funding Turns Positive
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Bitcoin, the top cryptocurrency, has spiked by nearly 2.5 percent within an hour. It is currently trading at $48,454 on the Bitstamp exchange.

The cryptocurrency has recovered from an intraday drop to $47,100 that seemed to spell trouble for bulls after a multi-week winning streak.

BTC



Bybt shows that $35.08 million worth of shorts have been liquidated over the past four hours.

According to data provided by data analytics firm IntoTheBlock, Bitcoin's funding rate across major derivatives exchanges has turned positive.

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This indicates the return of positive sentiment since it means that bulls have to pay bears a premium for their positions to remain open.

As reported by U.Today, legendary trader John Bollinger claimed that Bitcoin traders had to be "on the alert" after Bitcoin was rejected at the $51,000 level.

Meanwhile, Galaxy Digital CEO Mike Novogratz recently predicted that both crypto and stocks would have a good Q4.

The crypto mogul believes that broader crypto acceptance by such giants as Walmart and Amazon will be the key to the resumption of the bull run.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.