$13B Bitcoin futures open interest reflects traders’ strong bullish optimism

Bitcoin (BTC) price recovered by 27% just three days after testing the $31,000 support and earlier today bull recaptured the $40,000 level. This quick recovery occurred despite the digital asset facing one of the largest buy-side liquidations in a single day as $1.5 billion was wiped off the books. Interestingly, futures contract traders appear to have returned with an even larger appetite. After such a large liquidation event, an increased appetite from futures traders is somewhat unexpected but professional investors are skilled at hedging their positions and executing complicated strategies…

3 Bitcoin price indicators prove pro traders are still bullish on BTC

This week’s $11,000 drop occurred in just 32 hours and this definitely an important milestone for Bitcoin (BTC) price.  Many mainstream media outlets perceived the correction as the start of a new bear market but data simply does not support this line of thinking. Bitcoin price may have corrected 26.5% as if dropped to retest the $30,300 support but it has since shown significant strength amidst a record-high $160 billion in derivatives volume. BTC futures daily volume, in USD. Source: coinalyze.net Spot exchanges also outpaced their previous record high that…

Ethereum price tumbles to $915, but traders are bullish for 4 key reasons

The past week has been an emotional rollercoaster for Ether (ETH) traders, as there were seven four-hour candles of a 10% or larger price movement.  Furthermore, the most recent 30% drop to $920 triggered $550 million in liquidations on long futures contracts. To complicate things even further, this current price correction is taking place just four weeks ahead of the launch of CME’s ETH futures. ETH/USD 4-hour chart. Source: TradingView It’s possible that even the most bullish Ether traders did not expect an 85% rally to occur in just eight…

Buy the dip? Bitcoin price risks losing $30K as traders ‘manage risk’

Bitcoin (BTC) hodlers got a serious test of their resolve on Jan. 11 as the largest cryptocurrency approached $30,000. Cryptocurrency market overview on Jan 11, 2021. Source: Coin360 BTC price hits $30,250 Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD continuing its bearish streak after Wall Street opened on Monday, taking 24-hour losses to 23%. The move extends a reset of the market that kicked in over the weekend after Bitcoin hit all-time highs of $42,000. BTC/USD 1-day candle chart with 21-week moving average (Bitstamp). Source: TradingView A slow…

Traders flock into altcoins as Bitcoin price trades sideways

The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains.  Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action. Daily cryptocurrency market performance. Source: Coin360 While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors…

Altcoins sell-off as traders jostle to hold Bitcoin price above $40K

Altcoin’s recent gains have come under pressure as Bitcoin (BTC) price dropped to retest lower support levels after reaching a new all-time high at $41,940.  Following Bitcoin’s Jan. 7 push above $40,000, the top cryptocurrency faced selling pressure that saw the price dip as low as $36,600. As has been the case throughout the current rally, investors quickly purchased the dip and BTC price rallied to a new all time high at $41,940 on Jan.8. Market sentiment continues to improve as institutional investor inflow to cryptocurrencies continues to rise. As…

2 key Bitcoin price indicators show pro traders are waiting for $36K

Bitcoin (BTC) recently reclaimed $35,000, but top traders at Huobi, OKEx and Binance are not buying the breakout. Unlike the savvy institutional investors who may be desperate for protection against the debasement of fiat, the more crypto-focused investors seem to be waiting for dips. Institutional investors might also be celebrating the Jan. 4 announcement that the Office of the Comptroller of the Currency will allow banks to include stablecoins in bank-permissible functions. This further validates the crypto sector and may result in a rise in institutional participation in the space. Typically,…

Bitcoin, Ethereum Crash Liquidates $1.1 Billion Leveraged Traders

Key Takeaways Bitcoin plunged $7,000 from the top at $34,800 liquidating future longs worth over $1 billion. Ethereum also dropped 23% as over-leveraged long positions in the crypto market favored the bears. Despite negative prices, market sentiments continue to be positive. Share this article Bitcoin and Ethereum prices dropped all the weekend gains before the traditional markets opened for trading Monday, liquidating $1.1 billion leveraged orders.  Nevertheless, market sentiments continue to wax bullish despite the carnage. Bullish Bitcoin, Ethereum Selling  On Sunday at 5 PM CST, the CME futures market…

Bitcoin price dip to $27K costs Binance long traders a record $190M in liquidations

Bitcoin (BTC) crashing to $27,700 and rebounding seconds later was a shock for some and financial ruin for others, data shows. According to on-chain analytics resource Glassnode, futures traders with long positions lost a total of $190 million on Binance alone in a single hour — the most in history. One exchange, 60 minutes, $190 million The figures underscore the current face of Bitcoin as it circles new all-time highs and together with Ether (ETH) becomes the hottest ticket of 2021. Longs had seen almost unbridled success throughout much of…

4 reasons why Ethereum options traders expect ETH price to reach $880

Ether (ETH) price has gained 88% since November, astonishing even the most bullish investors as the top altcoin secured a 2020 high at $750. Aside from the upcoming CME ETH futures launch scheduled for Feb. 8, the phenomenal growth of the total value locked (TVL) in Decentralized Finance protocols also played a major part. Total Value Locked, USD. Source: DeFi Pulse As the above data indicates, investors are even more confident that Eth2 has been a success, despite the real potential of delays and implementation hurdles. Another possible bullish factor…