) price tagged $65,000 during the early Asian trading session on May 6 as the 50-day exponential moving average held as BTC’s immediate support.showed that the BTC/USD pair turned up from lows of $63,340 on May 6, rising 3.45% to an intra-day high of $65,523.Bitcoin average funding rate. Source: DecenTrader
Negative funding rates, though infrequent, are typically seen as highly bearish indicators. Conversely, a neutral funding rate—around 0.025 per 8-hour period or 0.5% weekly—signals a reset in trader positions, reflecting a mixed sentiment in the market.However, should Bitcoin turn down from its current levels, key support levels would come into play. These include the $57,000 to $64,000 demand level, which remains a “prime buy zone” for BTC, according to independent trader Ali Martinez.
The analytics firm noted that addresses holding more than 1,000 BTC have “accumulated strongly in recent months” with every dip. However, since every accumulation period was shortly followed by a price increase, the whale accumulation has been “dwindling.”
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