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Is Bitcoin's recent performance a bit dull? Yesterday's data shows that Bitcoin's volatility reached 2.01%, which is even higher than the average level since mid-May. What does this mean?
From a larger time frame, Bitcoin has been oscillating between $80,000 and $95,000 over the past month, showing a lack of direction. More interestingly, the funding rate for perpetual contracts has been in negative territory, which precisely indicates that the bearish voices are prevailing in the market.
A negative funding rate means longs are paying shorts, suggesting that market participants' confidence in the future trend still needs to improve. Although volatility has increased, a major market move doesn't seem to be imminent. How long can this stalemate last? The next moves are worth watching.