3 reasons Bitcoin price just hit $11,000 despite altcoin stagnance

This comes after nearly two weeks of low volatility as the cryptocurrency market remained stagnant and Bitcoin price was pinned below multiple resistance levels. Unlike the previous rallies which saw Ether (ETH) lead the Bitcoin upsurge, only BTC has moved higher whereas other major cryptocurrencies are still in the red.

Bitcoin funding rates on Skew show that the funding rates still remain mostly negative across major exchanges and this indicates that traders are continuing to short BTC despite its upward movement. The data suggests three possible trends: shorts are being squeezed, the spot market leading the rally, or futures are having a minimal effect on BTC price.

Timeline of Bitcoin, Ethereum