Bitcoin drops below the $27,000 mark with traders' bearish onslaught, but funding rates stay bullish. Meanwhile, RSI hints at a pivotal turn.
While there has been a slight dip in the funding rate, the persistent prevalence of a positive rate indicates that a greater number of traders were still placing their bets on a price increase, even in the face of aggressive short positions.
However, long positions have been experiencing a higher rate of liquidations lately, primarily due to the modest decline in BTC. The liquidation chart showed that on 20 September, long liquidations were over $16 million, whereas short liquidations were over $6.7 million. As of this writing, long liquidations had dropped to slightly over $7 million, while short liquidations were less than $200,000.
Furthermore, an examination of the funding rate on Deribit and Binance revealed that they were positive as of this writing.price has finally breached the $27,000 price level, as indicated by its daily timeframe chart.As of this writing, BTC was trading with a loss exceeding 1%, settling around $26,700. This marked the second consecutive day of losses, with a decrease of less than 1% recorded in the previous trading session.
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