The crypto news today show that Bitcoin (BTC) clinched a third day trading and is still near the $8,000 levels as weekend trading failed to take away the bullish momentum. New data from Coin360 also illustrates that BTC/USD began the week at just over $8,100, only to correct below that level. According to analysts such as Tone Vays, Bitcoin could visit $8,800 soon and did not do this because of the funding rate on the derivatives giant BitMEX which failed to react and gave cause for concerns.
Speaking of which, the funding rate on the derivatives giant is slightly positive now at 0.01% which is generally seen as a bearish sign by many traders.
“The oscillators on the daily chart are pretty much all bullish except the BitMEX funding rate — the BitMEX funding rate is actually very, very important, and it’s usually the opposite of what everyone’s been doing,” Tone Vays said, adding that Bitcoin could visit new highs.
He spoke in the latest episode of his Trading Bitcoin YouTube series on Sunday. He added that historically, it was nonetheless the BitMEX funding rate which was “usually right” as a prediction tool.
Going forward, he also said that the next serious area of resistance is at $8,800 but beneath that, there was relatively little standing in the way of Bitcoin. Meanwhile, other analysts agreed that Bitcoin could visit new highs – but there were skeptical ones as well.
For instance, Joe007 said that there is a lot of action, adding that “at 12K+, there was clearly a lot of buying interest. At the latest ‘breakout’, it really seems that barely anyone is buying 8K+.” The analyst was unfazed by upticks in certain altcoins last week such as Bitcoin SV (BSV), Dash (DASH) which rose by 33% in one day and Dogecoin (DOGE).
“For me, alts leading the PA is a clear indication that the rally is driven by stupid money rather than smart one, and therefore is not sustainable,” he also added.
As this week began, progress had become more muted among the top twenty cryptocurrencies by market cap. ETH stayed static, continuing to circle around $144 while 1-2% movements in both directions characterized the remaining tokens.
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