Bitcoin

Read

Bitcoin’s fall below the $60,000 mark has triggered a market-wide downturn but its funding rate hints at an incoming price surge. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) slipped 6% in the past 24 hours and is trading at $59,200 at the time of writing. Its daily trading volume saw a 46% surge, reaching $41 billion. Notably, the BTC price touched a local bottom of $58,100 as fear dominated the crypto market. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14294506"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-28_11-08-50.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-28_11-08-50.png" alt="Bitcoin’s funding rate shows potential rebound on the way - 17"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price and RSI – Aug. 28 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
CryptoQuant analyst Julio Moreno shared in an X post that Bitcoin saw increased <a href="https://crypto.news/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/" target="_blank" rel="noreferrer noopener">exchange</a> inflows on Aug. 27, before the selloff. Large BTC holders also took part in the inflows as the cryptocurrency market and the leading asset showed signs of being overbought. 
 You might also like: <a href="https://crypto.news/ton-blockchain-resumes-operations-following-dogs-fuelled-outage/"> TON blockchain resumes operations following DOGS fuelled outage </a> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Why monitor exchange flows? There were increasing <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> inflows to spot exchanges just before today's sell-off (first chart). Some of that came from large holders (second chart). <a href="https://t.co/5ckTcMKJBC" target="_blank" rel="">pic.twitter.com/5ckTcMKJBC</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1828615631710695867?ref_src=twsrc%5Etfw" target="_blank" rel="">August 28, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Data from crypto.news shows that the Bitcoin Relative Strength Index rose to 75 on Aug. 24 and has been consistently declining over the past four days — currently sitting at 25. The indicator shows that Bitcoin is currently oversold at this price point. 
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">data</a> provided by Coinglass, Bitcoin’s funding rate plunged to negative 0.004% after the massive selloff. The sudden shift in the funding rate shows that the amount of trades betting on BTC’s price fall has increased after the asset saw $96.5 million in liquidations over the past 24 hours. 
Historically, a sudden shift in an asset’s funding rate usually sends the price in the opposite direction. In this case, Bitcoin’s price could see a short-term <a href="https://crypto.news/4-reasons-why-bitcoin-price-could-rise-to-68k/" target="_blank" rel="noreferrer noopener">rebound</a>. 
In total, the crypto market witnessed over $320 million in liquidations over the past day — $285 million longs and $35 shorts have been wiped out.&nbsp; 
The global cryptocurrency market cap also declined by 7% and is currently sitting at $2.17 trillion with a 24-hour trading volume of $108 billion, per <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">data</a> from CoinGecko. 
However, it’s important to look out for major <a href="https://crypto.news/crypto-at-risk-of-macro-pressure-with-no-catalysts-says-coinbase/" target="_blank" rel="noreferrer noopener">macroeconomic</a> events and political movements that could potentially influence the financial markets. 
 Read more: <a href="https://crypto.news/nasdaq-files-for-sec-approval-to-launch-bitcoin-index-options/"> Nasdaq files for SEC approval to launch Bitcoin index options </a>

Bitcoin’s funding rate shows potential rebound on the way

crypto.news

Other articles published on Aug 28, 2024

Bitwise Bitcoin ETF Set to Expand Portfolio With Osprey Bitcoin Trust

Celsius Has Repaid $2.53 Billion to Its Creditors

TON Blockchain Halts Transactions as Binance and Bybit Freeze Trading

Cryptocurrency with Limited Supply: Maximize Your Returns with CryptoBox

Anticipating Bitcoin’s Leap: Analyst Forecasts $60K Breakthrough and Here’s the Reason

Crypto Market Today: Bitcoin Price Plunges Below $60,000 Circulating Bearish Waves Across Space—W...

Join our free newsletter for daily crypto updates!