Thursday, October 22, 2020

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

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The Bitcoin market is shaking off the strong correction to $10,400 last week. The leading cryptocurrency currently trades for $10,700, a few percent above those lows as buyers come in ahead of the legacy market open on Sunday.

In the past 24 hours, Bitcoin is up a healthy 1%, allowing it to actually outperform a swath of altcoins like Ethereum, XRP, and Litecoin.

BTC’s move higher comes in the face of a series of bearish news events that include but are not limited to the $280 million hack of KuCoin, the U.S. CFTC charging BitMEX and its founders over certain concerns, and President Trump catching the disease currently spreading across the globe.

Bitcoin’s resilience in the face of these three news events, analysts say, goes to show the strength of the macro BTC uptrend.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Derivatives Market Update

While Bitcoin is pushing higher as can be seen in the chart below, the average derivatives user remains bearish.

According to ByBt, a crypto derivatives tracker, top BTC futures markets still have negative current and negative predicted funding rates. The funding rate is the fee that long positions pay short positions to ensure that the price of the future stays in line with the price of the underlying spot asset or index.

Negative Bitcoin funding rates suggest that shorts are much more aggressive than longs.

Chart of BTC's price action over the past two days from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Case For Further Upside Still Intact

The case for further upside in the price of Bitcoin remains intact. As reported by NewsBTC, Dan Tapiero, a gold bull that has recently focused much of his time on Bitcoin and cryptocurrency, recently stated on the asset’s macro prospects:

“Massive structural deflation in Europe supports Bitcoin. Causes European Union real interest rates to geo up even as nominal rates are negative. Crushes legacy European Union banks. European Central Bank drags feet and maybe [its] hands [are] tied. Dollar falls as real rates rise faster in the European Union than in the US.”

On-chain trends, such as the number of active BTC users, also shows that the cryptocurrency is likely to move higher, Willy Woo says. Woo is a prominent on-chain analyst.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Pushes $10,700 as Market Shakes Off BitMEX, Trump News

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