The Bitcoin market is shaking off the sturdy correction to $10,400 final week. The main cryptocurrency at present trades for $10,700, a number of p.c above these lows as patrons are available in forward of the legacy market open on Sunday.
BTC’s transfer increased comes within the face of a sequence of bearish information occasions that embody however will not be restricted to the $280 million hack of KuCoin, the U.S. CFTC charging BitMEX and its founders over sure considerations, and President Trump catching the illness at present spreading throughout the globe.
Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Bitcoin Derivatives Market Update
While Bitcoin is pushing increased as will be seen within the chart under, the common derivatives consumer stays bearish.
According to ByBt, a crypto derivatives tracker, high BTC futures markets nonetheless have damaging present and damaging predicted funding charges. The funding price is the price that lengthy positions pay quick positions to make sure that the worth of the longer term stays consistent with the worth of the underlying spot asset or index.
Negative Bitcoin funding charges recommend that shorts are rather more aggressive than longs.
Chart of BTC’s worth motion over the previous two days from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
Case For Further Upside Still Intact
The case for additional upside within the worth of Bitcoin stays intact. As reported by NewsBTC, Dan Tapiero, a gold bull that has lately targeted a lot of his time on Bitcoin and cryptocurrency, lately acknowledged on the asset’s macro prospects:
“Massive structural deflation in Europe helps Bitcoin. Causes European Union actual rates of interest to geo up even as nominal charges are damaging. Crushes legacy European Union banks. European Central Bank drags toes and perhaps [its] palms [are] tied. Dollar falls as actual charges rise sooner within the European Union than within the US.”
On-chain tendencies, such as the variety of lively BTC customers, additionally reveals that the cryptocurrency is prone to transfer increased, Willy Woo says. Woo is a outstanding on-chain analyst.