Bitcoin bullish bets persist, with the downtrend strengthening after a 7% weekly decline, presenting a buy-the-dip opportunity. The crypto market has grown more unsettled after BTC fell about 7% last week, the largest weekly loss in two months. Nevertheless, the overall environment appears bleak, as bearish signals on charts coincide with waning interest from institutional investors in cryptocurrencies. BTC dominance: 59.67% (-0.07%).
BTC funding rate is 0.0074% (annualized 8.068%). Bitcoin price has rebounded from weekend lows around $86,000 to around $88,000. As miners reduce unprofitable production, hash ribbons indicate a BTC price rebound. Bitcoin remains subdued below $88,500, while gold has cleared $5,000 and silver has retraced some of its previous gains.
The bitcoin-to-silver ratio is approaching the high 700s, near but below 2017 highs and close to the level seen when Bitcoin hit its lows in November 2022. The BTC-to-silver ratio is approaching levels witnessed during the FTX capitulation, underscoring heightened risk and potential volatility. Bitcoin is under pressure after a roughly 7% weekly drop, deepening the downtrend and offering a potential buy-the-dip setup. BTC dominance sits at 59.67% (down 0.07%), and the funding rate is 0.0074% (annualized 8.068%).
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