Bitcoin (BTC) faces possible resistance as its price fall entered its third day despite initial recovery efforts. Bulls continue to protect high lines for the market leaning on spot ETF inflows and the upcoming halving. However bearish traders say the price will not rally as anticipated based on macro and industry factors.
A new analysis from crypto firm CryptoQuant shows reasons why there remains a high chance for the price decline of the market leader amid positive sparks. According to the report, the quick recovery anticipated in the market might be stunted by funding rates and correction levels.
Funding Rates Could Affect Bitcoin’s Price
Bitcoin funding rates are high close to 2021 bull figures which might spark a reversal. Although positive funding rates spell a bullish momentum, extremely high figures can trigger price corrections in the market. Similarly, with Bitcoin soaring to a new all-time high last month, its price faces the greatest-ever resistance level.
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