Commenting on the funding rate, crypto analyst Axel Adler Junior said that Bitcoin’s average funding rate on major exchanges “has dropped into negative territory,” currently sitting just above zero.“In this cycle, in four similar instances, it ended with a price increase and once with a decline.”According to the analyst, positive signals from the US Federal Reserve and the Trump administration could renew fresh inflows into the market, “potentially triggering the start of a new rally.”Onchain metrics show Bitcoin price stuck in “broader downtrend”Several onchain metrics suggest Bitcoin’s April 2 rally to $87,500 was just a “relief rally within a broader downtrend rather than the beginning of a sustained reversal,” according to market intelligence firm Glassnode.
Bitcoin (BTC) price has been consolidating in a wide range between $80,000 to $88,500 since March 12. Data suggests that Bitcoin’s consolidation may continue for some time, with onchain indicators pointing to the continuation of the “broader downtrend.” The key question that remains is when Bitcoin’s consolidation will end.BTC/USD daily chart.
The recent cross-over of the short-term 1-month average below the long-term 6-month price indicates an onchain “death cross,” Glassnode said.“This pattern has historically preceded 3–6 month-long bearish trends.
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Author / Journalist: Cointelegraph by Nancy Lubale
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