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.
XBTUSD Funding Rate on BitMEX
The funding rate on Okex has been positive for the most part of his month as well.
BTC Funding Rate on OKex
However, on Huobi, elite traders seems to be adding to their short positions since the beginning of this month.