Bitcoin Pushes $10,700 as Market Shakes Off BitMEX, President Trump Information

The Bitcoin market is shaking off the robust correction to $10,400 final week. The main cryptocurrency at the moment trades for $10,700, a number of p.c above these lows as consumers are available in forward of the legacy market open on Sunday.

Prior to now 24 hours, Bitcoin is up a wholesome 1%, permitting it to truly outperform a swath of altcoins like Ethereum, XRP, and Litecoin.

BTC’s transfer greater comes within the face of a sequence of bearish information occasions that embody however should not restricted to the $280 million hack of KuCoin, the U.S. CFTC charging BitMEX and its founders over sure considerations, and President Trump catching the illness at the moment spreading throughout the globe.

Bitcoin’s resilience within the face of those three information occasions, analysts say, goes to indicate the energy of the macro BTC uptrend.

Associated Studying: Ethereum Transaction Charges Surge to All-Time Highs After Uniswap Launch

Bitcoin Derivatives Market Replace

Whereas Bitcoin is pushing greater as will be seen within the chart under, the typical derivatives person stays bearish.

In line with ByBt, a crypto derivatives tracker, prime BTC futures markets nonetheless have damaging present and damaging predicted funding charges. The funding price is the payment that lengthy positions pay brief positions to make sure that the worth of the longer term stays in keeping with the worth of the underlying spot asset or index.

Damaging Bitcoin funding charges recommend that shorts are way more aggressive than longs.

Chart of BTC’s value motion over the previous two days from TradingView.com

Associated Studying: Vital On-Chain Sign Predicts That Bitcoin’s Subsequent Transfer Will Be Upward

Case For Additional Upside Nonetheless Intact

The case for additional upside within the value of Bitcoin stays intact. As reported by NewsBTC, Dan Tapiero, a gold bull that has lately centered a lot of his time on Bitcoin and cryptocurrency, lately acknowledged on the asset’s macro prospects:

“Large structural deflation in Europe helps Bitcoin. Causes European Union actual rates of interest to geo up at the same time as nominal charges are damaging. Crushes legacy European Union banks. European Central Financial institution drags toes and perhaps [its] fingers [are] tied. Greenback falls as actual charges rise quicker within the European Union than within the US.”

On-chain tendencies, such because the variety of lively BTC customers, additionally reveals that the cryptocurrency is prone to transfer greater, Willy Woo says. Woo is a outstanding on-chain analyst.

Associated Studying: MicroStrategy’s Inventory Continues to Soar After BTC Buy

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Worth tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Pushes $10,700 as Market Shakes Off BitMEX, Trump Information