Bitcoin holds Above $66K, But Elevated Funding Rates Call for Caution

Bitcoin holds Above K, But Elevated Funding Rates Call for Caution
Bitcoin remains on the offensive, thanks to ProShares Bitcoin Strategy ETF’s strong debut on the New York Stock Exchange earlier this week. The cryptocurrency bounced to $66,400, having found bids near $64,000 during the Asian hours.Analysts foresee a rally toward $86,000 in the coming weeks. However, it may not be a smooth ride, as the derivatives market is beginning to show signs of overheating – often a recipe for price pullbacks.Bitcoin’s average funding rate or the cost of holding long positions in the perpetual futures listed on major exchanges, including Binance, has risen to 0.06% – the highest in at…