10x Research: Since mid-October 2023, the fund interest rate has turned negative for the first time
10x Research has released an analysis article stating that a critical moment is approaching. Bitcoin rebounded from $60,000 to $67,500 within four days, almost reaching our bottom line. However, the bounce of Bitcoin occurred in four one-hour time periods and seemed to be driven by several larger orders rather than gradually buying in over four days. The real test is not our 68,300-point "sand line" level which symbolizes the previous high point. After retesting it, this historical highest level of the previous bull market was rejected before but caused parabolic movement of Bitcoin in recent cycles. As cryptocurrency futures traders have become cautious, the real test is whether the spot market can drive this round of rebounds higher. Although interest rates have risen in recent weeks indicating that futures traders are willing to deploy excessive leverage since mid-October 2023 for the first time funding rates turned negative.
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