Bitcoin continues to trade sideways during today’s trading session, holding the line draw for the past few weeks. Recent data shows that the cryptocurrency has been recording “crab-like” price action in the short term, but operators favor the long side of their trades. Related Reading: Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt? As of this writing, Bitcoin trades at $29,700 with a 0.7% loss in the last 24 hours and a 2% loss in the previous week. The cryptocurrency’s implied volatility has been trending to the downside while BTC’s price holds still at its current levels. Low Volatility Set The Stage For A Bitcoin Price Explosion? Data from a report posted by crypto analytics firm Block Scholes via Deribit indicates that Bitcoin and Ethereum traders have been seeking long exposure to these cryptocurrencies. As mentioned above, this behavior coincides with a decline in delivered volatility. As a result, the BTC and ETH perpetual swap markets are experiencing a shift in funding rates. This measure determines the percentage paid by long to short posi ..
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