At press time, the Bitcoin price was trading at $77,443.45, which has remained neutral on an intraday session on the weekend. The funding rate has continuously risen amid this fall, which suggests that perpetuals are absorbing these sell orders and the price can show a further bullish move. OI has also increased, which showcases that traders’ activity has also increased.
The technical analysis suggests that the Bitcoin price has dropped below a strong support level of $79,700. This bearish momentum: the BTC price has dropped by 5%, which has slightly changed the scenario to bearish. If the price slips below a strong support level of $75,000, then buyers might lose the momentum. If the BTC price candlestick closes below this level on a daily timeframe, a bearish move can be seen. Conversely, if the price grabs the liquidity beneath this level and rises, then a decent bullish move can be seen. If bulls dominate ahead, the price can surge over the $87,000 level.