The cryptocurrency market is experiencing an upward trend today, with Bitcoin showing a significant recovery. The leading cryptocurrency has moved out of its oversold Relative Strength Index (RSI) territory, indicating a potential shift in market sentiment.
Alongside Bitcoin, other altcoins such as XRP and Zcash (ZEC) are also seeing price increases. This broad-based recovery appears to be driven, in part, by negative funding rates across various exchanges. These negative funding rates suggest that short-sellers are facing pressure, potentially leading to short squeezes that further propel prices upward.