According to Cointelegraph, Bitcoin's funding rate has climbed to a two-week high, while orderbook data also shows bullish signals, indicating growing optimism among traders. The funding rate, which reflects the cost of holding long or short positions in perpetual futures contracts, turning positive and rising typically suggests that long sentiment is dominant.
However, Bitcoin's upward potential could be constrained by multiple factors. On one hand, spot Bitcoin ETFs continue to see net outflows, suggesting that some institutional investors are reducing their exposure or taking profits. On the other hand, macroeconomic uncertainties—including interest rate policy and inflation data—pose risks that could pressure risk assets, including cryptocurrencies.
Analysts note that while short-term sentiment has improved, if ETF outflows persist or the macro environment deteriorates, Bitcoin may struggle to break through higher price levels. The market is now watching whether Bitcoin can establish solid support around $70,000 and then challenge further resistance.