{"id":7583,"date":"2022-02-11T11:13:56","date_gmt":"2022-02-11T11:13:56","guid":{"rendered":"http:\/\/egrowonline.com\/?p=7583"},"modified":"2022-02-11T11:13:56","modified_gmt":"2022-02-11T11:13:56","slug":"bitcoin-metrics-demand-btc-price-gains-as-analysis-calls-for-near-term-caution","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=7583","title":{"rendered":"Bitcoin metrics demand BTC price gains as analysis calls for \u2018near-term caution\u2019"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) has a \u201cpossibility\u201d of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand.<\/p>\n

In its latest market\u00a0update<\/a> on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action.<\/p>\n

Derivatives turn complementary<\/h2>\n

After rallying above $45,500<\/a>\u00a0on the back of United States economic data, BTC\/USD has since dropped back into the range that has defined it this week.<\/p>\n

For Decentrader, the chances of a low-timeframe decline are there, even if on-chain metrics are putting in rare bull signals.<\/p>\n

\u201cBitcoin is at a relatively neutral level with clear zones of resistance and support above and below,\u201d the update summarized.<\/p>\n

Acting in bulls\u2019 favor is sentiment, now in \u201cneutral\u201d rather than \u201cfear\u201d territory, and encouraging signs from derivatives markets \u2014 low funding rates and a negative long\/short ratio.<\/p>\n

\u201cWe have now finally had a sustained period of negative funding rates, seen OI [open interest] drop over time, and importantly, saw Long\/Shorts ratio go negative,\u201d Decentrader continued.<\/p>\n

An accompanying chart showed that under such rare circumstances, BTC\/USD has gone on to rally three times since late 2020.<\/p>\n

Funding rates are still overall negative as of Friday, data<\/a> from monitoring resource Coinglass shows.<\/p>\n

BTC funding rates chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n

\u201cNothing changed\u201d on short-term outlook<\/h2>\n

Moving to the forecast, a downturn could produce a rebound at $39,000 should bulls not be too shaken by the $40,000 mark being broken.<\/p>\n

Related:\u00a0Exchange stablecoin reserve hits $27B as Bitcoin rises toward $50K \u2018fair value\u2019<\/a><\/em><\/strong><\/p>\n

\u201cTo the upside, there are resistance levels on either side of the important point of breakdown from the summer crash at $47,950 and $52,660,\u201d the update added.<\/p>\n

For the meantime, however, it is yet another case of \u201cwait and see.\u201d<\/p>\n

\u201cNothing changed,\u201d popular trader and analyst Crypto Ed\u00a0argued<\/a>\u00a0in his latest social media update. <\/p>\n

\u201cExpecting a move towards $40k. Bullish scenario indicates a bounce to 48k. Bearish comes in play when we break 40k.\u201d\u00a0<\/p><\/blockquote>\n

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BTC\/USD chart with expected trajectories. Source: Crypto Ed\/Twitter<\/em><\/figcaption><\/figure>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has a \u201cpossibility\u201d of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand. In its latest market\u00a0update on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action. Derivatives turn complementary After rallying above $45,500\u00a0on the back of United States economic data, BTC\/USD has […]<\/p>\n","protected":false},"author":1,"featured_media":7584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[14,50,194,376,2048,3123,615,1373,4937,195],"class_list":["post-7583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analysis","tag-bitcoin","tag-btc","tag-calls","tag-caution","tag-demand","tag-gains","tag-metrics","tag-nearterm","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvMTMwMjQ3MzYtNDBhNC00NDUwLWJiZmYtMTdkYWNhZjFiN2EwLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7583"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7583\/revisions"}],"predecessor-version":[{"id":7585,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7583\/revisions\/7585"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/7584"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7583"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}