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Bitcoin has been dancing around its 200-day MA for the past three weeks but has been trading steadily higher for the past few days despite preferring to stay in its shadow. This is a very positive sign of a change in long-term market sentiment. We also note that negative news from the stock market has become less of a concern for Bitcoin.
At the same time, we believe that the acceleration in the growth of the first cryptocurrency should not be expected before a consolidation above the 50-day moving average. This acts as a medium-term trend signal line, passing close to 90,000. A consolidation above it could accelerate price growth and attract new buyers.
Crypto News
Investor sentiment reflects the funding rate in perpetual bitcoin futures. Even after BTC rebounded above $87,000, the rate remains in the negative zone. This means that traders are not willing to pay a premium to open long positions.
The cost of borrowing stablecoins on lending platforms has fallen to around 4%, reflecting a reduced appetite for leverage and other strategies that require lending, confirming the market’s uncertain outlook.
The US SEC has closed its case against blockchain game developer Immutable. The firm received a Wells notice in October 2024. The regulator’s claims related to the company, its CEO, and its IMX ecosystem fund.
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