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BitMEX Funding Rate Shoots Up with Positive Bitcoin [BTC] Re-test above $8400

researchsnappy by researchsnappy
January 14, 2020
in Advertising Research
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BitMEX Funding Rate Shoots Up with Positive Bitcoin [BTC] Re-test above $8400
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Bitcoin [BTC] price makes another positive move with a $400 rise strengthening the bullish sentiments further. The price of Bitcoin [BTC] at 3: 15 hours on 14th January 2019 is $8420; it logged a high at $8480 with a 3.6% rise.

In terms of moving averages on the daily, BTC price has surpassed all significant MA and EMAs, but one, the 200-Day Moving average @$9100. Crypto trader and analyst, Murad Mahmudov from Adaptive fund tweeted,

bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL

— Murad Mahmudov 🚀 (@MustStopMurad) January 14, 2020

Bears Running for Cover

The funding rate on BitMEX rose above 0.1 during the current hour as the buying FOMO is starting to kick-in among traders. The Open Interest and volume on most futures exchanges including CME, Bakkt, Okex and Huobi are on the rise.

mitmex funding
BitMEX funding rate (TradingView)

 

bitmex oi
BitMEX Open Interest (Source: Skew)

The bullish calls are further strengthened as on-chain analyst like Willy W00 are reporting positive growth as well. Most importantly, the price logs a clean break above the descending channel early in the day as well. If it closes above the channel, the move towards 200-Day MA will become most likely.

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btcusd four hour
BTC/USD 4-Hour Chart Coinbase (TradingView)

The bears have been moved further away sitting at the $7,700 area as Bitcoin establishes a new higher range. According to Datamish, about $25 million in shorts got liquidated at BitMEX with the positive move up.

The weekly SAR also turned positive with the oscillators at the brink of reversal as well. The CMF is at 0 in an uptrend, while the MACD is close to reversal. The Price Action (PA) and closing this week will necessarily establish the swing trend in Bitcoin [BTC].

Furthermore, the entire crypto markets is in an uptrend as the altcoins are in the green as well. The positive correlation between Bitcoin and altcoins continue to hold.

Last but not least, there are not many fundamental bearish or bullish catalyst around that is pushing the price, except halving. With less than 4 months to halving, with the current demand intact, the price would need to significantly move higher to accommodate mining.

Do you think Bitcoin [BTC] will break above the $8500 mark in the near future? Please share your views with us. 

Summary

BitMEX Funding Rate Shoots Up with Positive Bitcoin [BTC] Re-test above $8400

Article Name

BitMEX Funding Rate Shoots Up with Positive Bitcoin [BTC] Re-test above $8400

Description

Bitcoin [BTC] price makes another positive move with a $400 rise strengthening the bullish sentiments further. The price of Bitcoin [BTC] at 3: 15 hours on 14th January 2019 is $8420; it logged a high at $8480 with a 3.6% rise. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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.



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