The post Bitcoin Traders Take Profits And Exit As Price Struggles To Hit $30k: What Next? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price struggles to surpass the $30,000 mark, leading traders in the derivatives market to take profits. On April 19, Bitcoin experienced a significant price dip of over 5%, plummeting from approximately $30,400 to $28,600, with a slight recovery to $29,000.
Single-day spot trade volume hit a month-long high, indicating that traders believe in their BTC moves. Meanwhile, aggregate futures volume has continued to rise across multiple exchanges, as shown in Coinglass data.
Funding Rates Turn Negative
Funding rates for Bitcoin perpetual contracts on platforms such as Bybit, Binance, and Gate.io have turned slightly negative for the first time since April 10. These rates are currently hovering around flat levels. When funding rates become negative, traders holding short positions, betting that the price will decrease, pay fees to those holding l
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