Following a big rebound last week, Bitcoin (BTC), the world’s largest cryptocurrency, is seeing some selling pressure. Bitcoin (BTC) is currently trading 2.4 percent lower than $41,000 as of press time.
Bitcoin is currently facing severe resistance near the $42,000 mark, which has caused a recent drop. According to the most recent estimate, more over $21 million in long liquidations occurred in the last hour.
On-chain data provider Santiment reports that the Bitcoin funding rates surged very fast amid euphoria over the last weekend. It notes:
Bitcoin has fallen back to $40.8k to close the weekend after being as high as $42.2k a day and a half ago. Funding rates have been valuable in identifying when traders are leverage longing, which have generally led to abrupt price corrections
Optics
Bitcoin, as we all know, has been quite volatile, especially since Russia’s invasion of Ukraine. The BTC price has been fluctuating wildly between $35,000 and $42,000.
BTC has been displaying significant consolidation around around $39,000 just before last week’s rise.
Bitcoin has lately encountered resistance at $42,000, but this is not the end of the upward resistance.
Before resuming its upward path, it can find support at $40.4K. If BTC manages to break through $42K on the upside, the next resistance level will be $46K-$47K. Even if it breaks over this level, the next interim price goal is $49,500 to $59,500.
