The bull market is back! Bitcoin prices fell slightly last week, dropping to the $70,000 range, but are now back on track. The value of Bitcoin (BTC) rose above $73,515, registering an increase of 2.6% in less than 24 hours.
Meanwhile, top holders and whales have been strategically shifting profits from Bitcoin to large altcoins such as Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX), which have been This is a huge double-digit increase in days.
Decrease in permanent funding rate
An analysis by QCP Capital, a Singapore-based company, reveals the current state of the Bitcoin market. Their analysis reveals a sharp decline in perpetual financing rates, pointing to potential changes in long-term interest rates and raising questions about the direction of spot prices.
With futures trading in March and April below 30% and Binance forwards showing lower interest rates than Deribit, funding rates are likely to normalize further.
QCP Capital highlights the challenge of maintaining price volatility and advises on strategies such as selling spot futures spreads high before prices fully normalize.
Altcoin rally: SOL, BNB, AVAX
Meanwhile, a notable trend is emerging as capital circulates into large altcoins, with SOL, BNB, and AVAX seeing notable gains overnight.
Solana’s remarkable performance is evidenced by the SOL price trading at $168.77, marking a 10.94% increase in 24 hours. SOL is approaching the key resistance level at $175, suggesting a potential bullish breakout is imminent.
After Solana's performance, Binance Coin will have a fascinating and self-reinforcing cycle through its launch pool mechanism. BNB is currently trading at $610, but some analysts predict the price to rise to $700.
Meanwhile, Avalanche rose 3.84% to $56.20, surpassing its December 24th all-time high of $49.
Bitcoin price analysis
Over the past few days, Bitcoin has attempted to climb above $72,500, but has now crossed it, revealing strong buying interest. It is currently trading at $73,452, up 1.8% from the previous day, but bullish signals point to further upside.
An increase in the moving average and RSI in overbought territory indicates a buyer-dominated market. With these bullish indicators in mind, the BTC/USDT trading pair could rise to $75,000 and even expand to $80,000.
