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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    CryptoPunks and Pudgy Penguins Draw Major Sales

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    NFT sales surge to $574 million in July, second-highest in 2025

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

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    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Blockchain Bookmakers: A New Era of Fair and Secure

    Blockchain Bookmakers: A New Era of Fair and Secure

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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  • Analysis
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Home Altcoins

Bitcoin “Looks Healthy” After 2 Months, Backs BTC To Rally Above $74,000

April 11, 2024
in Altcoins
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Bitcoin “Looks Healthy” After 2 Months, Backs BTC To Rally Above $74,000
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CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

Bitcoin, one analyst notes on X, is looking healthy for the first time since the coin soared to over $70,000, printing all-time highs back in March 2024. The assessment is due to funding rates dropping to within ordinary levels, an indicator that volatility is also falling and moments of fear of missing out (FOMO) are fading. 

BTC funding rate is dropping | Analyst on X
BTC funding rate is dropping | Analyst on X

Funding Rates At “Normal Levels” As FOMO Dissipates

In crypto perpetual trading, the funding rate is the fee exchanged between market participants. These fees are market-determined and are adjusted every eight hours or so. 

Depending on market conditions, they can be positive or negative. However, they play a critical role in determining momentum. Of note, bulls pay a fee to bears When perpetual prices are higher than the spot price. This, in turn, discourages buying in the perpetual market and incentivizes buying into the spot, bringing prices closer. 

Whenever prices rally, as has been the case since the start of the year when Bitcoin has generally been in the green, those who enter long have to pay sellers to keep prices from deviating, as mentioned above. 

However, at spot rates, the rate leveraged buyers are paying is slightly lower as FOMO drops. Once prices rapidly expand, ideally above March 2024 highs, this funding rate will likely increase to February and March 2024 levels.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

So far, Bitcoin is changing hands above $70,800 at spot rates and within a bullish formation. Of note is that buyers are in charge of reversing losses posted on April 8. 

See also  Why LINK decoupled despite alts following Bitcoin's lead

Even so, for the uptrend to remain, prices must break out above $72,500 and the April 8 high on rising volume. BTC will likely float to over $73,800 and enter price discovery in that case.

Bitcoin Rises After CPI Data In The United States, Institutions Pouring In?

With FOMO dissipating and “normalcy resuming,” the analyst said the coin is now better positioned to soar higher, backed by organic momentum generated from market participants. After dipping slightly on April 9, the coin rose following positive news about the Consumer Price Index (CPI) in the United States. 

While the “hot” CPI pushed other assets lower, Bitcoin prices bounced to spot levels. Experts say the coin might benefit as risk-averse traders shift to safe-haven coins to shield their value from raging inflation.

Beyond this, analysts expect demand for spot Bitcoin exchange-traded funds (ETFs) to rise in the months ahead. As institutions pour in, buying shares of spot BTC ETFs issued by players like Fidelity, the demand for the underlying coin might soar to fresh levels, lifting prices. Moreover, some analysts are bullish, saying prices will benefit once GBTC stops offloading coins. 

Feature image from DALLE, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: BacksBitcoinBTCHealthymonthsrally

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024

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Bitcoin gaming enters Africa with local crypto exchange partnership

Bitcoin gaming enters Africa with local crypto exchange partnership

April 29, 2023
Is Ethereum Gearing Up for a Major Breakout? Here’s What Analysts Are Saying

Is Ethereum Gearing Up for a Major Breakout? Here’s What Analysts Are Saying

October 4, 2024
Will the crypto market’s bull run last?

Will the crypto market’s bull run last?

November 10, 2023
THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

November 13, 2023

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