BTC price coiled below $71K as Bitcoin funding rates remain cool.

Bitcoin (BTC) held strong at the $70,000 support level as positive macro data from the United States lifted market sentiment on April 11.
The BTC price showed fluctuating movement, with bulls maintaining their gains from the previous day, according to data from Cointelegraph Markets Pro and TradingView.
The Producer Price Index (PPI) for March provided a boost to risk assets as it came in below expectations at 0.2% month-on-month. This partially offset the previous Consumer Price Index (CPI) overshoot, painting a mixed picture of inflationary forces. However, markets still anticipated a longer wait for the Federal Reserve to lower interest rates.
In response to the recent inflation data, Keith Allen, co-founder of trading resource Material Indicators, stated that the significance of the day’s reports was uncertain. He emphasized that markets were already factoring in the possibility of “high for longer” interest rates.
Alan and other analysts shifted their focus to the upcoming block subsidy halving and the current BTC price structures as key factors to watch in the future. The bullish case for BTC was based on a series of higher lows, while the bearish case centered around the inability of bulls to validate and flip resistance levels at the trend line, $69,000, or the 21-Day Moving Average. Alan highlighted that $69,000 was the most critical level to monitor.
An accompanying video included a chart of the BTC/USDT order book liquidity on Binance, the largest global exchange. It revealed sellers waiting near $73,000 and strengthening bid support near $67,000.
Despite the recent price surge, funding rates on exchanges remained low, which market observers saw as a positive sign. Philip Swift, co-founder of statistics platform Look Into Bitcoin, noted that Bitcoin funding rates were finally healthy for the first time since BTC crossed $70,000.
Popular trader Daan Crypto Trades suggested that traders were hesitant to go long on BTC due to repeated rejections near all-time highs. Breaking and holding above $71,500 was seen as crucial for reaching new highs.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and exercise caution when making investment decisions.