Bitcoin [BTC] raises hopes of trend reversal; is Ordinals the reason why

Bitcoin’s BitMEX funding rate turned red. It can be good news for BTC, as historically, BTC’s price has increased when the funding rate declined.

As per Santiment’s aforementioned tweet, BTC’s BitMEX funding rate registered a massive decline since the heavy bets against prices in mid-March, just before prices soared. Price rise probabilities typically climb when the consensus predicts that prices will be falling.

Thus, since the funding rate was low, suggesting less demand in the futures market, the possibility ofBitcoin Ordinals have been setting new records of late while BTC’s price action suffered. Recently, the number of daily Ordinals inscribed reached an all-time high, as did the Ordinals fees paid. Though BTC remained nascent during the period, Santiment’s data gives hope that the king of cryptos will capitalize on Ordinals’ achievements.gained popularity among the whales once again, as Bitcoin addresses holding at least 1,000 BTC have been accumulating for the last four days.

In addition to that, Bitcoin’s Binary CDD was green. A green chart indicates long-term holders’ movements in the last seven days were lower than the average, and have a motive to hold their assets. As per , BTC’s taker buy/sell ratio was also green, suggesting that buying sentiments were dominant in a derivatives market.

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