Sticky negative funding rates still
Bitcoin tests key resistance after a buoyant week. Perp traders maintain a defensive bias despite the rally, improving odds for continuation. The recent strength is likely led by Strategy purchasing a massive 40k BTC over the past two weeks.
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Bitcoin has enjoyed a strong week, recovering toward range highs and briefly trading above $75k before pulling back near the March 2024 all-time high of $73,835. BTC posted eight consecutive days of positive returns in a low-volatility environment, while ETH tracked closely and outperformed over the last two days with 16% weekly gains. Since the onset of the Iran conflict, Bitcoin's 13% gain stands out against negative returns in both equities and gold, a reversal fueled by months of prior underperformance that left BTC heavily oversold.Bitcoin now sits at a technically significant level where the March 2024 all-time high, the April 2025 bottom, and the upper bound of a six-week consolidation range between $60k and $75k all converge. Despite the
