Bitcoin [BTC] price is witnessing considerable moves on short-term periods. However, neither the bears nor the bulls have been able to strike a huge blow.
As reported yesterday on CoinGape, a panel of mainstream financial reporters have begun supporting the ‘safe have’ argument for Bitcoin. Furthermore, last night, in another update on the price, a market technician predicts $12,000.
Crypto-twitter plans to ‘sell the news’ following both the updates.
Bad news everyone… https://t.co/anEqd9v3cp
— Alistair Milne (@alistairmilne) February 13, 2020
JC O’Hara, Chief Market Technician at MKM Partners notes that the shift to bullish trend after dormant consolidation is positive signal that still holds.
Positive momentum will continue to follow positive momentum. In short term, we could see $12000 on Bitcoin.
Prominent derivates and crypto trader, XC’s thoughts on the update were,
Pack it up guys, it’s Over.
Futures Market on Cocaine
The optimism around the price has been increasing considerably over the past couple of weeks.
The funding rate on BitMEX has been over 0.1% (daily) since 6th February as the price neared $10,000. The highest price reached for the bullish action was around $10,500. The bears have been able to hold the surge as the week comes close to an end.
The funding rate on Okex has been positive for the most part of his month as well.
However, on Huobi, elite traders seems to be adding to their short positions since the beginning of this month.
The Open Interest (OI) on these exchanges continue to be massive, it has been over $1 billion on BitMEX for quite sometime.
BitMEX Open Interest in BTC and USD (Source: Skew)
Moreover, the OI on Okex and Huobi are also on the rise; currently, at yearly high levels. The massive liquidity on the long side increases the probability of a dump profoundly.
Nevertheless, leading on-chain analyst Willy Woo has recently noted that while on-chain is slightly bearish, the futures market seems to be on cocaine at the moment. The futures bulls might out-run the selling attempts if it continues to hold bullish support around $10,000.
The price of Bitcoin [BTC] at 3: 20 hours UTC on 14th February is $10,263.
Do you think a top is in or there is more fuel to this run in the short-term? Please share your views with us.