BTC price pullback after $35K? Bitcoin funding rates turn ‘grossly positive’
Bitcoin (BTC) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains.
Data from Cointelegraph Markets Pro and TradingView tracked BTC price volatility through the day, with $34,000 a focus at the time of writing.
The pair had previously hit 17-month highs near $35,200 on the back of fresh excitement over the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States.
Analyzing the sequence of events that led to a $5,000 daily candle, monitoring resource Material Indicators revealed a support/resistance (R/S) flip at $30,600.
The speed at which the market broke through resistance in place throughout the past year-and-a-half was surprising, an X post read. Material Indicators “honestly expected to see more resistance at $30.5k, $31.5k and even $33k.”
“Those levels were obliterated and and when an $87M buy wall appeared at $30.6k that set the foundation for a R/S flip with no hesitation from the market,” it explained.
The post added that with some bid liquidity now pulled from below, there was an “opportunity for a potential retrace.”
One of two accompanying charts covered the past 24 hours on the Binance order book.
Other factors lining up to contribute to a deeper consolidation included funding rates across exchanges, which at the time of writing were deep inside positive territory.
Be cautious with new longs❗️ pic.twitter.com/jsuXPdIhRq
“Funding is grossly positive,” popular trader CryptoBullet wrote during an X discussion.
BTC short liquidations on the way up totaled $161 million and $48 million for Oct. 23 and 24, respectively, per data from monitoring resource CoinGlass.
Commenting on funding rates, fellow trader Daan Crypto Trades argued that the
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