Bitcoin Buyers Take Control on Binance, But Funding Rates Flash a Warning
Bitcoin's price has surpassed $90,000, reaching a high of $94,320 before settling at $93,473, reflecting a 3.1% increase in one day. Increased activity on Binance, a major crypto exchange, is influencing Bitcoin's short-term price direction. A notable rise in aggressive buying behavior has been observed, with the taker buy/sell ratio on Binance increasing by 18.9% over 30 days and 6.2% over 7 days, indicating heightened buyer confidence. However, Bitcoin's funding rates on Binance are currently negative at approximately -0.006, suggesting a crowded short position among traders. This disconnect between rising spot prices and negative funding rates may signal potential for further price increases, as historical patterns indicate that such skepticism often precedes rallies.
