BTCUSDT Perpetual
Bitcoin has failed to break out of the $24k resistance level twice this week. RSI on the daily chart has fallen from 90 to 70; however, the sentiment gauge still stays in the overbought zone. MACD, a trend-following momentum indicator that shows the relationship between two exponential moving averages (EMAs), has seen a bearish divergence, with prices testing new highs while momentum turns negative. On the bright side, BTC perpectual’s average funding rate, weighted by open interests, has remained bullish with no clear sign of weakening.
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ETHUSDT Perpetual
While Bitcoin has stayed well above its early November level, Ether has failed to flip its $16k, the level last seen in early November and before FTX’s fallout. While ETH perpetual’s funding rate, weighted by open interests, has remained positive, the open interests in terms of ETH have not seen a rebound. That said, the positive spin is ETH’s 7-day option skew with 25 delta has stayed above the neutral level in the past two weeks, a bullish signal last seen in October 2022.
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Market Movers (Week-on-Week)
, RNDRUSDT, (+79.3%)
,- , ILVUSDT, (+54.9%)
,- , DYDXUSDT, (+41.1%)
,- , LRCUSDT, (+30.9%)
,- , GMTUSDT, (-11.3%)
,- , RSRUSDT, (-7.3%)
,- , APTUSDT, (-6.8%)
,- , AXSUSDT, (-5.7%)
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