Commenting on this, analysts at Jlabs Digital said that “a rally with negative funding and rising OI is rare and bullish.”“Until that flips, the momentum has room to run despite some caution signals we see elsewhere.”Bitcoin must break $95K to end consolidationAccording to one popular crypto analyst, Bitcoin may continue consolidating in its current range for a bit longer, particularly if the resistance at $95,000 is not broken.“Bitcoin consolidating under resistance,” said market analyst AlphaBTC in an April 25 post on X.
This suggests that futures traders are “potentially viewing the recent move as overextended,” Glassnode said in its latest Week Onchain report, adding:“This divergence between rising open interest and negative funding sets the stage for a possible short squeeze scenario if upward momentum continues.”Bitcoin open interest and funding Rates.
Source: AlphaBTCAnalyst Jelle shared similar sentiments, saying Bitcoin’s current consolidation cycle could continue until the price breaks above $94,000.“Bitcoin is slowly munching its way through the monster resistance zone,” Jelle said in an April 24 post on X, highlighting the weekly resistance around $95,000.“Impressive strength.
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Author / Journalist: Cointelegraph by Nancy Lubale
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