• Bitcoin price breaks $29K and is currently trading slightly above the $29k level
• Analyst Crypto World on YouTube says bullish trend for Bitcoin is not yet confirmed
• Funding rates across most exchanges for most of these coins are currently sitting in the negative
Bitcoin Price Breaks $29K
Bitcoin recently reached highs around $29,000 due to concerns about a fresh banking crisis in the United States. Analyst Crypto World on YouTube states that a bullish trend has not yet been confirmed but that Bitcoin is still within this cool-off phase until further confirmation such as a break back above resistance or a bullish cross.
Price Target Set at $28.4k
The analyst notes that if Bitcoin sees a break above $27.8k, it’s likely to go towards its current price target set at about $28.4k. This area of resistance between $28.7k and $29k is the next significant one in the short term. The market is overall in a larger bullish trend, however, with multiple bullish confirmations signals seen on the four-hour time frame.
Funding Rates Sitting in Negative
Speaking of bullish confirmation signals, funding rates across most exchanges for most coins are currently sitting in the negative which suggests a more positive outlook for Bitcoin in the short-term.
Analyzing The Market
It’s important to keep analyzing and monitoring the market closely so investors can make sure they make informed decisions when it comes to investing their money into these virtual assets.
Conclusion
With Bitcoin reaching highs around $29K and funding rates across most exchanges being negative, there may be an opportunity for investors to capitalize on these trends and reap returns from their investments over time as long as they continue to monitor and analyze the markets closely before making any decisions regarding cryptocurrencies investments
