Bitcoin BTC nears a one-month high of $74,000, following a nearly 5% increase over the past 24 hours. The rise in oil prices is putting pressure on household budgets and could potentially weaken consumer spending and slow economic growth, according to Fitch Ratings. Bitcoin is now higher by about 11% since the Iran war, outperforming broad U.S. stock indices and gold. Despite this, funding positioning of perpetual futures traders has been negative for the longest period since late 2022, leading to a negative funding rate for traders shorting bitcoin. The 30-day average funding rate has now been negatively for 14 consecutive days, the longest since December 2022.