Bitcoin (BTC) experienced a significant recovery after a harsh sell-off on Monday that eliminated over $8 billion in positions across crypto markets. The cryptocurrency surged 12.35% to reach $102.5K, showcasing a sharp recovery rally.
The fluctuation in Bitcoin's price and its eventual upturn can be attributed to changes in the funding rate, which have contributed to this upward trend. Despite the initial dip, the outlook remains optimistic for Bitcoin's price trajectory, hinting at a potentially continued bullish momentum in the near future.