The DecenTrader Alpha

by decentrader · March 1, 2024

GM. Bitcoin price acceleration cools down after a wild few days. Current price is $61,410. Bitcoin now close to previous all-time-high levels as anticipation builds around latest ETF flow numbers.

Past 24hr performance

What Just Happened

What’s Happening Now

Bitcoin is down -1.83% in the past 24hrs at a current price of $61,410. So far this year Bitcoin is now up +45.41%

Ethereum is down -2.82% in the past 24hrs, while Solana outperformed BTC and ETH as it is up 5.2%


Bitcoin: Predator Thermal Vision is now turning bearish across lower timeframes. Higher timeframes are still bullish for now.

Ethereum: Predator Thermal Vision is turning bearish on lower timeframes for Ether now also.

FOILS metrics: Open Interest and Long/Short Ratio are bearish. Funding rate is Neutral but we note that funding rates are at a very high level currently compared to historical norms.


Funding rates climb


With Bitcoin pumping back up towards previous all-time-highs we are noticing that derivatives markets are heating up. Funding rates have climbed significantly higher over the past couple of days as news of Bitcoin’s price action spreads. 

This indicates derivatives traders are going heavily into long positions. Historically this can result in price reversals when this trend reaches extreme levels.

Current average weighted funding rate for Bitcoin is 0.057.


What’s Next

Long term trend outlook: 

Weekly Predator indicator remains bullish.

Macro calendar key events for next week:

  • Tuesday 5th March: USA: ISM Non-Manufacturing PMI Release.
  • Wednesday 6th March: USA: Nonfarm Employment Change Data.
  • Thursday 7th March: EU: ECB Interest Rate Decision.


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