Bitcoin Reaches $103K as Funding Rate Turns Positive Post-Liquidations
Summary
Bitcoin has reached $102,922, marking a nearly 5% increase in a week and approaching its all-time high of $109,000. This surge follows a period of trading between $93,000 and $98,000. The rally was fueled by short liquidation events on Binance, which alleviated downward pressure and shifted trader sentiment. A significant liquidation at $97,000 wiped out around $360 million in short positions, triggering further price acceleration. Another wave occurred at $101,000, liquidating nearly $240 million in shorts and pushing the price toward $104,000. The funding rate on Binance shifted from negative to +0.01%, indicating a change from bearish to bullish sentiment among traders, suggesting expectations of further price increases.
