- BTC trades within a $100.7K–$105.8K range while funding rates stay neutral, indicating low speculative pressure and strong spot demand.
- Despite a failed breakout above $105.8K, BTC maintains bullish structure above the Tenkan-sen, supported by Ichimoku alignment and FVG demand.
- Bitcoin’s rally to $104.7K remains stable as taker buy volume forms higher lows, showing steady accumulation without excessive leverage.
Bitcoin (BTC) is currently trading near $104,700 after briefly breaking above a key resistance at $105,800. The breakout, however, lacked confirmation from the following daily candle. Consequently, the price pulled back into its previous range. This range, marked between $100,700 and $105,800, has defined short-term consolidation since early May. Despite the failed breakout, BTC continues to maintain bullish structure by holding above the Tenkan-sen on the daily chart. Besides, the funding rates remain neutral, signaling low speculative leverage in the market.
Funding Rates Drop While Price Rises
BTC has rebounded to over $102K without overheating its funding rates on Binance. This development stands in contrast to previous market phases. In early 2024 and late 2024, spikes in funding rates led to sharp corrections. However, the current rally—Phase 3—shows a much healthier structure. Taker buy volume has declined slightly, yet the market shows strength. The funding rate remains close to zero, reducing the chances of a leveraged flush.
Source: CryptoBusy
Moreover, taker buy volume formed higher lows since early 2023. This trend signals steady accumulation despite lower participation. The yellow trendline supports this, indicating consistent spot-driven demand. Hence, the rally appears more sustainable compared to earlier surges fueled by overleveraged longs.
Ichimoku Cloud Shows Strong Bullish Structure
The Ichimoku Cloud analysis reinforces the bullish setup. The thick ascending cloud supports higher timeframe strength. Additionally, the Tenkan-sen holds beneath the price, offering mid-range support. The Kijun-sen aligns with the Fair Value Gap (FVG), ranging from $98,000 to $100,700. This zone remains a strong demand area if the price revisits lower levels.
Source: Titan Of Crypto
The Chikou Span also trends above the cloud and price, confirming bullish alignment. No daily closes have breached the Tenkan-sen since April’s breakout. Consequently, unless price dips below $100,700, bullish structure stays intact. Until then, BTC remains in short-term equilibrium.
