Bitcoin Surges to $102,922 as Funding Rate Shifts to Positive
Bitcoin has reached $102,922, gaining nearly 5% over the past week and nearing its all-time high of $109,000. This increase follows a period of trading between $93,000 and $98,000.
Short Liquidation Clusters Ignite Rally
- Recent price movement attributed to short liquidation events on Binance.
- The first major liquidation at $97,000 wiped out approximately $360 million in short positions.
- Another wave at $101,000 led to nearly $240 million in shorts being liquidated.
- These liquidations accelerated Bitcoin's price towards $104,000.
- High-liquidity targets were identified at $97,000 and $101,000.
Bitcoin Funding Rate Shift Signals Bullish Sentiment
- Funding rate shifted from negative to +0.01%, indicating increased demand for long positions.
- This change reflects a shift from bearish to bullish market sentiment.
- Rapid funding rate adjustments highlight the influence of derivatives on spot prices during low liquidity periods.
