Bitcoin [BTC] price looked prime for a run up to the $10,000 mark. The uncertainty in the market was palpable as the open interest and long orders continued to rise. However, while Bitcoin [BTC] ranged around $9350-$9600, Tesla [TSLA] logged a high at $650 on Thursday.
Reportedly, a 11% rise in Tesla yesterday caused a short order liquidation of more than $1.5 billion. The price has been in an uptrend since October last year.
Moreover, $TSLA has soared more than 52% in the month of the January alone. The compiled liquidations of betting against Tesla has risen to $5.2 billion for the year.
The CSO of Coinshares, Meletem Demirors, leading digital assets firm in the US tweeted, on the success of tech assets like Tesla shares, Bitcoin prices including Beyond Meat, the vegan substitute of meat. She tweeted,
electric cars made by tony stark aka @elonmusk. fake meat that bleeds. magical internet money.
i'm so excited for this year!
— Meltem Demirors (@Melt_Dem) January 31, 2020
On the other hand, crypto traders went on compiling long-orders looking for a breakout. However, the price got rejected from the resistance around November highs at $9590.
Bitcoin OI Soothes Down from Dynamic Level
The Open Interest (OI) in Bitcoin [BTC] swept above $1 billion on BitMEX. Historically, such high levels of open market orders often makes it susceptible to huge volatility movements on the opposite side of the bets.
Nevertheless, while there was quite a bit of uncertainty, the price did not deviate much from the $9400 mark. The overall bias technically and with strong fundamentals are still bullish.
The futures Open Interest on Huobi and Okex is rising as well. on Okex, the funding and BTC basis is positives signalling a long inclination as well.
Surprisingly, on Huobi, while the overall position seems balanced (50-50%), there is a majority traders looking for a correction.
The price of Bitcoin [BTC] at 4: 40 hours UTC is $9400. The swing lows are near $9153, while the high is near $9590.
Do you think Bitcoin [BTC] will reach 10,000 or long orders will get squeezed? Please share your views with us.