Bitcoin prices climbed above $60,000 for the first time in two weeks, raising prospects that the cryptocurrency would keep rising into the new quarter after closing the previous one almost 100 percent higher.
Nevertheless, analyst Robbie Liu noted that the recent Bitcoin rally has resulted from “overheated retail action.” The OKEx researcher highlighted rising premiums for the quarterly contract BTCUSD0625 that jumped from $3,000, or 5.7 percent, last Friday to its current $5,200, or 8.7 percent. The level was almost the same last month when Bitcoin had established an all-time high above $61,000.
“Following the rise in premiums are the funding rates for perpetual swaps, which began to rise midweek and have now reached over 0.15% per eight hours,” explained Mr. Liu. “These figures are certainly entering a more dangerous range.”
“If the price does not break out to the upside in a short period of time, then traders attempting