Bitcoin Price Prediction: Slight Bullish Momentum Expected as Negative Funding Rates Signal Positive Outlook
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According to analyst Josh of Crypto World, a new bullish divergence has been confirmed on the two-hour Bitcoin chart, where the price shows lower lows, but the Relative Strength Index (RSI) is indicating higher lows. This divergence suggests a short-term relief, likely resulting in either neutral or slightly bullish price action over the next few days.
Current Trend:
Bitcoin is still within a bearish trend, forming lower highs and lower lows on the two-day chart. However, the recent bounce suggests a short-term relief or pause in this bearish trend.
Support and Resistance Levels:
Support: Bitcoin has bounced from a key support zone between $56,000 and $57,000. If the price drops below $56,000, the next major support lies between $51,000 and $53,000.
Resistance: On the upside, Bitcoin faces significant resistance at $60,000 to $61,000, $63,000, and a major barrier between $67,000 and $68,300.
Liquidity and Funding Rates:
The majority of liquidity in the short term is above the current Bitcoin price, with significant levels around $59,800 to $60,200 and $62,000. Funding rates across exchanges are slightly negative, which is a bullish signal, reinforcing the likelihood of a short-term relief in price.
What About Ethereum?
Ethereum’s price is currently holding strong above significant support levels, suggesting a short-term consolidation phase.
Support Levels: Ethereum is continuing its bounce from a major support area between $2,000 and $2,150, which remains intact. The price is also holding above a crucial “golden pocket” support zone between $2,150 and $2,200, with additional support around $2,200.
Resistance Levels: The next significant resistance level is around $2,800, which was a previous support area. Above that, more resistance is expected near $3,200.