- BitMEX Bitcoin futures contract volume spikes with long traders remaining bullish.
- The majority of technical indicators suggest that the bulls’ control will last longer.
Traders on BitMEX Margin Trading platform are choosing to remain bullish on Bitcoin despite the correction from highs above $10,500 to test the support at $9,000. Besides, Bitcoin has corrected above $9,400 and is maintaining focus on $10,000. Moreover, the short-term support at the 61.8% Fib retracement level taken between the last drop from $10,575.50 to a low of $7,294 aided the ascending trendline is instrumental to the ongoing recovery.
XBT/USD four-hour chart
The Bollinger Bands on the four-hour chart undoubtedly show that volatility has extremely gone down. Besides, the bullish action is pushing the price above the BB middle curve in a bid to see the Bitcoin trend towards the critical $10,000.
As it stands, the prevailing bullish action is supported by the increasing trading volume. The 50 Moving Average on the four-hour chart continues to extend the gap above the 100 MA. This shows that control is in the hands of the bulls and Bitcoin value is likely to go balloon.
The Relative Strength Index (RSI) on the same four-hour chart is gradually moving towards the overbought. The upside correction comes after a drop heading to $9,000 was averted following support provided by the rising trendline.
According to the data provided by Datamish, a platform for tracking data from BitMEX exchange and presenting it in the form of charts, about 4.6 million shorts have been liquidated on BitMEX. The charts also show that 2.2 million longs were liquidated in the last six hours.
BitMEX price index stands at $9,420 and posted a 3.2 billion in volume over the last 24-hours. The open interest in the contract has remained relatively stable at 724 million. BitMEX has a decrease in funding rate by 0.0166%.
XBT/USD Key Technical Levels
Spot rate: $9,415
Relative change: Bullish
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige