Bitcoin (BTC) is at the top of a “very low and healthy” indicator, according to a market analyst, which can push you to a key resistance point of $58,000.
In a tweet Tuesday, analyst Lex Moskovski noted that futures financing rates recommend that this week’s BTC value increase in an absolutely organic way.
Funding rates are a popular measure of the suitability of BTC value movements. They necessarily indicate which investors are in the right aspect of the bet (long or short): a maximum financing rate on a platform means that buyers “pay” short, while financing rates mean otherwise.
Negative rates are what analysts are at when it comes to determining whether an accumulation is likely to last or expire in the short term.
Currently, the situations are true: the change to $55,000 has probably not been driven through speculative advertising actions, Moskovski said.
“Funding is very low and healthy,” he wrote.
The height of the BTC/USD can succeed and remain sustainable is the subject of debate on Tuesday among technical observers. For Sven Henrich, founder of northmanTrader analytics company, key Fibonacci levels, in particular, are valuable for a visit.
Specifically, Fibonacci’s point of 0. 618, as still a source and resistance targets, now stands at just over $58,000, also siteing a historic Bitcoin peak since February, which lasted several weeks.
Henrich and the popular Twitter account Rekt Capital, meanwhile, pointed to moving averages and a technical uptrend of 76 days as the key to determining support. These have contained the BTC/USD recent drops in value, with 100 days and 21- the figures of the week are considered as a line in the sand for bulls.
“The price subsided him on the way back, but in the end he didn’t touch it. It wasn’t necessary,” Rekt Capital said of the 76-day trfinish.
Both perspectives imply that, beyond the short term, Bitcoin has crossed any red line, which may mean the end of its bullish career.