From the four-hour chart, it might seem that the analyst had a solid point due to the Know Sure Thing Indicator . As an indicator used to determineUsually, this signifies a positive momentum shift. And it could be a buy signal since the BTC price was not making higher highs and the KST made lower highs.
A look at the Bollinger Bands revealed that BTC’s volatility had remained in its extreme state. However, this did not translate to unexpected price swings. Also, BTC’s price of $31,040 did not touch the lower or upper band. Therefore, this suggested that the coin was neither oversold nor overbought.Furthermore, it appeared that a large section of the market believes that BTC’s rally beyond $31,000 was almost here. This was because the funding rate stayed put at 0.01%.Typically, the funding rate represents the difference between the perpetual futures market price and the spot price.