NVDAX has seen significantly increased short-term volatility against the backdrop of Bitcoin trading in a high range and oscillating funding rates, making it highly susceptible to rapid surges or pullbacks driven by market sentiment. Daily chart structure shows that since breaking above $183.5, NVDAX has established an upward channel, indicating a strong medium-term trend. The $200 level is a key support—if it holds, the bullish structure is likely to continue. With geopolitical risks easing and the technology sector performing robustly, capital inflows remain strong; however, one should remain alert to the risk of pullbacks triggered by uncertainties in Fed policy. Strategy advice: Continue to hold and moderately increase positions above $200, but raise risk controls if this level is lost and beware of sudden market reversals.

Recently, after multiple attempts by Bitcoin to break through the critical thresholds of $72,000 and $75,000, perpetual futures funding rates on major trading platforms have undergone several cycles of bearishness, recovery, and renewed weakness. When the funding rate drops below 0.005%, overall market sentiment turns cautious; as it rebounds toward 0.01%, speculative appetite improves. This repeated fluctuation intensifies short-term bullish-bearish divergence, raising the risk of range-bound trading at high levels. High-beta assets like NVDAX react especially sensitively in the short term, leading to periodic pullbacks or swift rallies in tandem with Bitcoin-driven sentiment swings.

On April 10, as Bitcoin surpassed $72,000 again, data from Coinglass showed that funding rates on major centralized and decentralized exchanges indicate a deepening bearish market sentiment. Funding rates, used to balance perpetual contract prices with underlying asset prices, reflect trader sentiment: rates above 0.01% suggest bullishness, while rates below 0.005% indicate bearishness. Current rates point to increased bearishness.

The current mainstream CEX and DEX funding rates indicate a deepening bearish sentiment in the market.

As of April 8, with Bitcoin surpassing $74,000, data from Coinglass shows that funding rates on major centralized and decentralized exchanges indicate a significant weakening of bearish sentiment, with many rates returning to neutral. Funding rates, used to balance perpetual contract prices with underlying assets, reflect market sentiment: rates above 0.01% suggest bullishness, while rates below 0.005% indicate bearishness.

The current mainstream CEX and DEX funding rates indicate a significant weakening of the bearish market sentiment.

On April 17, Coinglass data showed that as Bitcoin maintained a volatile trend, the funding rates on major CEX and DEX platforms indicated a deepening bearish sentiment in the market. Funding rates, used to balance perpetual contract prices with underlying asset prices, reflect trader sentiment: rates above 0.01% signal bullishness, while rates below 0.005% indicate bearishness. Current rates suggest increased market pessimism.

Looking at the daily candlesticks since March 19, NVDAX underwent a period of consolidation, then saw a high-volume breakout above previous resistance at $183.5 on April 7. This was followed by several consecutive days of advances, closing at $201.10 on April 17 and establishing a pronounced upward channel structure. While trading volume has not continuously expanded, it has remained at a relatively high level for the year, indicating bulls are still accumulating positions with resilience. Combined with Bitcoin stabilizing around $75,000 and the next resistance near $78,000, this could provide further momentum for NVDAX. If prices retest and hold the $200 mark, it can be seen as a critical threshold for the continuation of the bullish trend.

Bitcoin recently surpassed $75,000 for the first time in 73 days, facing resistance near $78,000 with $74,000 seen as a critical support level for further gains. Market views diverge: bears cite weak macro liquidity and reliance on short-covering, while bulls highlight strong whale accumulation and potential breakthroughs above key moving averages. The broader market shows mixed signals amid geopolitical developments and fluctuating investor sentiment.

Trading moment: BTC encountered resistance at 78K, and it needs to hold 74K to aim for a breakthrough.

Ceasefire in the Middle East and progress in US-Iran nuclear talks have significantly reduced global geopolitical risks, putting pressure on oil prices and improving risk asset allocation preferences. The technology and AI sectors have performed strongly, all of which act as positive catalysts for crypto assets. Meanwhile, continued momentum in the Nasdaq has also guided some capital inflows into digital assets. Against this backdrop, NVDAX has benefited noticeably in the short term, but uncertainty in US Fed personnel remains, and it is important to be alert to sudden macro news that could trigger a reversal in market sentiment.

NVIDIA xStock

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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