Bitcoin Funding Rates Turn Negative, Indicating Potential Local Bottom
- Bitcoin has fluctuated between $90,000 and $100,000 since November 18.
- The futures perpetual funding rate briefly went negative at -0.001% on Thursday.
- This was the first negative funding rate of the year and one of few since November.
- Negative rates can signal a bear market or indicate a local price bottom.
- During March 2020, negative funding rates peaked at -0.309% amid COVID-19 volatility.
As of Thursday, Bitcoin’s futures perpetual funding rate turned negative at -0.001%, marking its first occurrence this year and suggesting a potential local price bottom as Bitcoin prices rebounded above $94,000.
