BTC And DOGE Look To Gain Momentum

Bitcoin looks to build on the gains that began on Sunday, trading over $106,500 for an intraday high so far, but the daily candle is approaching doji status very quickly. The US government shutdown is finally ending, which the markets seem neutral about so far. This news combined with the $2,0000 stimulus payments should normally be risk on catalysts, but trust for the government by markets is quite low. The constant flip flopping by the White House over 2025 is something that markets have not forgotten, and seem to be keeping at top of mind. Funding rates on perpetual futures have dropped dramatically overnight, with BTC around 5% annualized across several exchanges. With little macro news this week, BTC will need some buying momentum in the books to really form an upward trend, otherwise we will see battle done in the order books and likely chop. ETF flows will be a key area to keep an eye on this week, as these flows put constant pressure on the price of BTC.

Of the leading memecoins, DOGE has been bolstered by the weekend news, and is trading around the 0.18 level at this time of writing. DOGE’s popularity among retail traders remains high, as one of the more fun cryptocurrencies available on nearly every platform. DOGE is seeing funding rates on perpetual futures around 10% annualized across most exchanges, but has an arbitrage opportunity present on Binance, where funding is currently negative, a situation that will mostly likely be taken advantage of by sophisticated traders. With Coinbase (NASDAQ: COIN | COIN Price Prediction) doing its first token sale on its new platform (Echo by the infamous Cobie), alt season could be around the corner, a welcome sign for DOGE holders. This remains to be seen, as several headwinds on the macro front could prevent this from coming to fruition.