Bitcoin’s perpetual funding rate shows lack of confidence from bulls, but options markets are displaying resilience.
Bitcoin (BTC) price experienced a 2.2% correction on Sept. 11 following the release of US consumer inflation data, but it managed to reclaim the $56,500 level within a few hours. The movement closely tracked the S&P 500 index, which saw a 1.6% decline on Sept. 11 as US Consumer Price Index growth hit its lowest level in over three years.
Bitcoin traders are skeptical that the $58,000 resistance will be breached, given the increased demand for bearish positions using BTC futures contracts.
Bitcoin/USD (blue) vs. S&P 500 futures (magenta). Source: TradingView
