Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Here's another fantastic weekend to spend time with your loved ones. Friends, in today's blog, i am going to discuss key market indicators, particularly funding rates and trends for Bitcoin and Ethereum. We previously noted that funding rates were rising, especially in March 2024, when Bitcoin hit highs around $73,000. After Bitcoin corrected from $69,000 to $66,000, funding rates reset to lower levels, signaling potential price movements. Ethereum also saw a similar reset after its March 2024 peak near $4,000. Bitcoin's production cost has recently broken its four-year record, which is significant. When Bitcoin's price is above production cost, miners hold rather than sell, creating scarcity and driving up prices. Historically, when Bitcoin breaks its production cost level, we see parabolic price increases. We're witnessing this setup again with Bitcoin currently trading at $88,000.
In terms of trend structure, Bitcoin continues to make higher highs and higher lows, confirming an uptrend. Ethereum, however, is still struggling at its resistance level, unlike Bitcoin, which broke its resistance in March. Once Ethereum breaks its resistance, we could see a significant rally similar to Bitcoin's. Institutional interest in Ethereum is rising, particularly from firms like BlackRock, who have been steadily buying Ethereum. This could lead to Ethereum outperforming Bitcoin in the future. Funding rates and indicators like the MACD are showing bullish signs for Ethereum, suggesting a potential breakout soon. If Ethereum breaks its resistance, we might see a big move, similar to Bitcoin’s past rallies. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan