Bitcoin (BTC) price outlook remains subdued on higher periods, but lower time frames show more action.
Bitcoin price gained momentum on Monday, attempting higher highs after week-long downtrend. A break above $63,354, previous lower high, would be a sign of strength, but $65,500 is more enticing. Analysts warn that Bitcoin could trigger 'panic selling’ if it falls below $60,000. Mainland China managed 50% attendance at Hong Kong's Bitcoin Asia conference following BTC and ETH ETF approval. Bitcoin price outlook remains subdued on higher periods, but lower time frames show more action.
pic.twitter.com/IGU19COOn3 — Kyle Chassé May 13, 2024 Elsewhere, funding rates continue to flash neutral, which points to a healthier market. Funding rates are the mechanism used in perpetual futures contracts to ensure that the contract price remains in line with the spot price of the underlying asset. These rates are essentially a way to balance out the trading positions between long and short traders.
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