Bitcoin Just Tapped $13,000 as Buyers Continue to Rush In

It’s been quite the past few days for the Bitcoin price. After trading as low as $11,200 last week, the cryptocurrency has rocketed higher. BTC now trades for $12,940 as of this article’s writing, just shy of the $13,000 daily highs it reached just hours ago.

Source of BTC’s price action over the past few days. Chart from TradingView.com

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Taps $13,000

Bitcoin just tapped $13,000 as buying pressure continues to erupt across the industry. Analysts think that Bitcoin is poised to squeeze higher despite already gaining almost 9% in the past day’s trading session.

Analysts note that Bitcoin’s funding rates on leading futures markets are currently negative to barely positive. This suggests that the cryptocurrency has room to squeeze higher as there remain short holders.

“The other times that BTC tried to break $12k, funding and premium were positive. They are neutral/negative now. So yeah, this time is different.”

Image Courtesy of il Capo of Crypto. Source: BTCUSD on TradingView.

Fundamental trends are also bullish as the U.S. continues to push towards another fiscal stimulus bill. Analysts say that closure on this bill will push Bitcoin higher as it will mark a further injection of capital into the economy.

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