Set to break high resistance, BTC target levels above $70 thousand

Bitcoin is showing a new sign of short-term labor, as evidenced by the short squeeze and extremely negative funding rates. According to CryptoWorld analyst Josh, it seems like bullish activity is taking place so far.

He said not much had changed in the last day. Bitcoin price remains between support above $53,000 and resistance around $68,000. This region still shows a bearish trend with low highs and lows. Major support zones include $56,000 to $57,000 and $51,000 to $53,000.

Here is a list of Bitcoin charts by the analyst:

Bitcoin is close to breaking above the resistance level between $60,000 and $61,000. Beyond that, there are additional points of resistance at $62.8k to $63k, and a significant level between $67,000 and $68.3k. A break above these levels could turn previous resistance into new support.

Bitcoin has recently broken out of the support line, indicating bullish activity. Historically, such fluctuations have resulted in short-term price relief. The coin currently drains more than $60,000 in liquidity. One still needs to look at liquidity around $61.9k to $62.1k.

Why are funding rates important?

Funding rates are an important aspect to consider. Currently, they are extremely negative, which means that most traders are shorting Bitcoin. Negative funding rates indicate high demand for short positions and low interest on long positions. This situation often leads to a situation where the minority – those who hold long positions – benefit, as negative liquidity forces short sellers to pay fees to long holders. Negative funding rates suggest that most traders are bearish, which could lead to upward pressure if short positions are reduced.