Bitcoin Price Is Creeping Up, Trading Above $11,000 On The Futures Market

  • Bitcoin price jumps to $10,500 in the spot market but back to $10k
  • “Retests of $9,500 / $9,800 would be healthy,” says trader Crypto Michaël
  • CME Group’s bitcoin futures trading at a premium with open interest surging to $313 million
  • Bakkt has made a 2020 record with $36 million in volume and $17 million in open interest

Bitcoin price has made a new local top at $10,500. However, the price couldn’t keep up these levels and dropped back to $10,150. The world’s leading cryptocurrency might have been rejected but this doesn’t mean we are in a bear market. Trader Crypto Michaël said,

At the time of writing, BTC/USD has been trading at $10,245 in the red while managing the daily trading volume of $1.36 billion on top ten exchanges with real volume.

The flagship cryptocurrency might not have been able to breach the $10,500 level last night but it is not an “overextended chart-wise,” says economist and trader Alex Kruger. However, BitMEX funding is yet again getting on the “extreme” side.

Meanwhile, the fear of PlusToken coins is hovering on the market as they are on the move again. These coins have been split into smaller amounts and reportedly entering in mixers.

PlusToken Ponzi scheme still has about 50k BTC held in combined wallets which could have a negative effect on the market. Analyst Rptr45, however, says, “Dips continue to be an opportunity to accumulate.”

But a dip in Bitcoin price would mean blood for altcoins and “alts need BTC to correct before correcting,” said Kruger.

Futures Market Heating Up

Meanwhile, bitcoin's price on the CME futures market has climbed above $11,000. CME Group’s bitcoin futures are trading at a premium with open interest surging to $313 million on Feb. 12 as per Skew.

On Feb. 11, CME recorded $824 million in daily volume after January 30’s $846 million.

Source: CME Group

The cryptocurrency derivatives market is heating up as rival ICE’s Bakkt has made a 2020 record with $36 million in volume and to $17 million in open interest. Futures allow traders to speculate on the price of the underlying asset or hedge their risk.

Open interest on bitcoin futures is, however, highest on derivatives platforms that cater to retail, with BitMEX at $1.5 billion followed by OKEx at $1.4 billion.

With halving coming up in May 2020, it looks like retail investors are FOMO-ing in anticipation of the event while institutional investors’ interest in bitcoin is keeping steady.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,060.9255 change ~ -0.79%

Coin Market Cap

$166.94 Billion

24 Hour Volume

$2.81 Billion

24 Hour VWAP

$9.09 K

24 Hour Change

$-71.6785

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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