Coingape - 1/14/2020 3:33:23 AM - GMT (+0 )
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 traders and analyst, Murad Mahmudov from Adaptive fund tweeted,
Bears Running for Cover
bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL
— Murad Mahmudov 🚀 (@MustStopMurad) January 14, 2020
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.BitMEX funding rate (TradingView) BitMEX Open Interest (Source: Skew)
The bullish calls are further strengthened as on-chain analyst 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.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.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com