​BTC 8h Look at the BitMEX Funding rate! It hasn’t been so h | Cryptomadcap

​BTC 8h

Look at the BitMEX Funding rate! It hasn’t been so high since late Oct. 2019. That’s definitely the reason for the bulls to be very cautious.

The price has been moving in an upward channel since the beginning of 2020. As of right now it looks like we got rejected by the mid line. Combining this with the unprecedentedly positive funding (and don’t forget about the rocket fuel that’s still waiting for its moment do add extra momentum to move up/down - $1B+ Open Interest) the picture does not look quite good for the bulls at all. We may visit the channel’s support (at least) if we do not break the mid line.