- 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
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Crypto News: Thailand To Regulate Cryptocurrencies As Means of Payment
- YouTube’s CEO Hints That NFTs Might Be Coming To The Video Sharing App
- Will McDonald’s Accept Dogecoin Following Elon Musk’s Challenge?
- Bitcoin’s Positive Correlation With The Stock Market Index Records A Mild Increase
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?