Market Wrap: Bitcoin Descends to $31K as Ether Funding Rates Drop
Bitcoin has suffered two straight days of selling, bringing the price close to below $31,000. Also, ether funding rates for leveraged positions are cooling after a very heated few weeks.
- Bitcoin (BTC) trading around $31,850 as of 21:00 UTC (4 p.m. ET). Slipping 8.9% over the previous 24 hours.
- Bitcoin’s 24-hour range: $31,006-$35,656 (CoinDesk 20)
- BTC slightly above the 10-hour moving averages but well below the 50-hour on the hourly chart, a sideways-to-bearish signal for market technicians.