Cool Bitcoin Funding Rates Amidst BTC Price Coiling Below $71K

Bitcoin held strong at the $70,000 support level as new macro data from the United States gave a boost to market sentiment. The Producer Price Index (PPI) for March came in below expectations at 0.2% month-on-month, partially offsetting the previous Consumer Price Index (CPI) overshoot. This mixed picture of inflationary forces indicated that the Federal Reserve might take longer than anticipated to lower interest rates. Traders and analysts focused on the upcoming block subsidy halving and current BTC price structures as key factors for the future. $69,000 was identified as the most critical level to monitor. Liquidity on Binance showed sellers waiting at $73,000 and strong bid support at $67,000. Despite the recent price increase, Bitcoin funding rates on exchanges remained low, suggesting cautious optimism among traders. Some traders were hesitant to go long on BTC due to repeated rejections near all-time highs. Breaking and holding above $71,500 was seen as an important step towards reaching new highs.