3 improvements that show Bitcoin (BTC) is ready to rise

The outbreak of the new coronavirus (COVID-19), which has destroyed the global markets, also severely injured the cryptocurrency market. The biggest cryptocurrency lost more than 50 percent of its chaos last week, with $ 75 billion of steam coming from the market. Despite all these negativities, there are some important developments showing that the leading crypto asset can rise.

The well-known cryptocurrency analyst ‘Trajan’ on Twitter pointed out 3 developments indicating that Bitcoin will be improving in a tweet on March 17.

– S&P Futures hit limit bound up
– Funding paying you almost 0.7% / day to long
– Price at $ 5k

Seems like a decent bet to me

– Trajan (@SplitCapital) March 17, 2020

The 3 developments the analyst draws attention to are as follows:

1. S&P 500 started to recover: Following the historic decline that caused panic among global investors last week, the S&P 500 started to respond to news from large-scale liquidity injections and financial incentives by the US Federal Reserve (Fed) and the White House. The S&P 500 made its daily opening with an increase of 3 percent, which caused an increase in Bitcoin due to the increasing correlation between the markets.
2. BitMEX’s continuous swap funding rate offers a long-term advantage: BitMEX traders are mostly in short positions. For this reason, they pay fair capital every day to long position holders. Excessive funding rates often indicate the peak or bottom for Bitcoin, with the available data signaling the bottom. This can be read as an important indicator that the price will rise.
3. Bitcoin is trading at $ 5,000: And finally, Bitcoin is trading at $ 5,000, which Trajan thinks is a good entry point for long-term investors.sdb