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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Analysts Highlight Investor Sentiment Shift As Bitcoin Approaches $98,000

Samuel Edyme
Samuel Edyme
9 months ago
3 mins read
Analysts Highlight Investor Sentiment Shift as Bitcoin Approaches $98,000

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After weeks of consistent price correction, Bitcoin latest performance now appears to be demonstrating a rebound as the asset has earlier today reclaimed the $96,000 price mark now approaching the $98,000 level.

As Bitcoin approaches this key level, data shows that the top crypto has shown mixed signals across key market indicators, reflecting a subtle yet significant shift in investor sentiment.

Particularly, analysts have identified specific patterns in funding rates and premium metrics, which serve as vital tools for interpreting market sentiment and predicting potential price movements.

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Bitcoin Current Funding Rates And What It Signals

A notable observation by CryptoQuant analyst Mignolet highlights how funding rate movements reflect retail investor sentiment. According to Mignolet analysis, funding rates, which represent the cost of holding long or short positions in perpetual futures contracts, are exhibiting nuanced movements.

Historically, during moments of strong resistance, funding rates tend to decline, signaling subdued sentiment and caution among investors.

In late October 2024, when Bitcoin was approaching its all-time high, funding rates showed similar behavior, reflecting investor hesitation despite rising prices. However, the current scenario presents a contrasting sentiment.

The analyst disclosed that while corrective price movements have emerged, investors are viewing these pullbacks as buying opportunities rather than reasons for fear or contraction.

This subtle psychological difference could influence market dynamics significantly, potentially paving the way for sustained upward momentum.  Mignolet wrote:

Similar corrective candles have appeared, and from a technical perspective, this position might seem even more precarious. However, the sentiment is different. People now view this as an opportunity and believe it’s a reasonable position to buy. I believe this subtle difference in sentiment has the potential to produce very significant results.

Coinbase Premium Indicator Reaches Historic Low

Another key observation comes from the Coinbase Premium Indicator, a metric that measures the price difference between Bitcoin on Coinbase (a US-based exchange) and other global exchanges.

Coinbase Premium Index Hits a 12-Month Low!

“This drop not only signals a lack of institutional demand but also underscores the cautious sentiment among U.S. investors.” – By @burak_kesmeci

Read more 👇https://t.co/nIRWlciLwo pic.twitter.com/LYfKmNM7t5

— CryptoQuant.com (@cryptoquant_com) January 2, 2025

Recently, this premium dropped to its lowest level since January 2023, a period that marked a significant market bottom. Historically, when this premium turned negative during bullish phases, it often preceded a price rebound.

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9 months ago

Analysts suggest that such negative sentiment from US investors often triggers strong buying pressure, which can reverse short-term downward trends and fuel long-term price gains.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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