Bitcoin price in battle to get above $63,000

The bitcoin price reached its provisional all-time high of $73,800 on March 14. At that moment, everyone was of course euphoric about the digital currency and it seemed as if corrections were no longer possible. The corrections came soon after and now the bulls are still struggling to regain the bullish momentum.

There is now even a fierce battle going on between the bulls and the bears for the level of 63,000 dollars.

Market sentiment is negative

On the derivatives market, sentiment around bitcoin has now become cautiously negative. We can see this in the funding rates, the costs of keeping open long or short positions. These are negative and that is to the advantage of people who sit long.

Usually it is very expensive to open long positions when sentiment is extremely bullish. Now that is not the case and the situation is the other way around.

“The market appears uncertain about the direction of the next outbreak,” Decentrader analysts said.

#bitcoin‘s weighted average funding rate continues to dip negative as price chops around.

The market appears to be unsure of the next breakout direction. pic.twitter.com/ZZ9U6jRWy5

— Decentrader (@decentrader) April 30, 2024

In the latest edition of the London & New York Color market update, QCP Capital analysts also write about this situation for the derivatives market.

They point to, among other things, macroeconomic developments (think of inflation in America), geopolitical conflicts, the weakness of the Japanese yen and potential stagflation in the United States as reasons for the market’s indecisiveness.

There is a lot of uncertainty and no one really knows where the market is going next.

Positive news from Hong Kong

There is positive news from Hong Kong for bitcoin. Spot Bitcoin ETFs have also been launched there.

It is striking that the bitcoin price shot up at the time of the launch, but has now fallen back to the level of 62,000 dollars. The bulls are unable to regain the positive momentum.

Longtime Bitcoiner Adam Back is positive about the launch. According to him, it is a new step towards the maturing of bitcoin’s 24/7 spot markets.