Bitcoin, funding rates positive after one month... will $85,000 open in the second half?

▲ Bitcoin (BTC) / ChatGPT generated image

Bitcoin (BTC) has successfully turned its funding rate positive for the first time in a month, increasing the possibility of a bullish market resuming towards $85,000.

According to a report by cryptocurrency media outlet Cointelegraph on May 12 (local time), Bitcoin's annualized perpetual futures funding rate surged to 6% at one point on Monday, entering a bullish zone from neutral for the first time in a month. Bitcoin briefly threatened the $82,000 mark on Monday, stimulating demand for bullish leverage, but later showed volatility by falling back to around $80,000.

According to data from market analysis firm CoinGlass, over $400 million in liquidations occurred across the entire virtual asset market in the past 24 hours, indicating intense contention. Trader CrypNuevo analyzed that securing $80,000 as a support level would be an ideal foundation for a further rally to $85,000. The X (formerly Twitter) account Cryptic Trades diagnosed that liquidity is concentrated on both the upside and downside of the liquidation heatmap, suggesting that market makers are likely to clear out positions in both directions before determining a major trend.

U.S.-listed spot Bitcoin ETFs, which reflect institutional investor movements, recorded net outflows last Thursday and Friday, stimulating market caution. Bitcoin mining companies are expanding into the artificial intelligence sector, seeking breakthroughs, with IREN gaining attention for announcing a $34 billion contract with Nvidia. Meanwhile, geopolitical factors, such as tensions between the United States and Iran, are creating unexpected turbulence across the market, hindering price discovery.

Technically, Bitcoin is attempting to stabilize above $81,000, with moving averages trailing its price. Analysts predict that if Bitcoin maintains the $80,000 support level, the mid-$85,000 range will be the next upside target. However, skepticism about reaching $85,000 still remains among professional investors, limiting the confidence of bulls.

Currently, the Bitcoin market is engaged in a fierce struggle to maintain the $80,000 support level, exploring the direction for the new week. Whether the reversal in funding rates will be a temporary phenomenon or the beginning of a long-term upward trend depends on breaking through key resistance levels. Amid the neutralization of order book liquidity on exchanges, investors are monitoring macroeconomic variables and institutional fund flows to respond accordingly.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*