Bitcoin [BTC] Traders Call Sell the News as $12,000 Prediction Airs on CNBC

BitcoinBitcoin [BTC] Traders Call Sell the News as $12,000 Prediction Airs on CNBC

Bitcoin [BTC] price is witnessing considerable moves on short-term periods. However, neither the bears nor the bulls have been able to strike a huge blow.

As reported yesterday on CoinGape, a panel of mainstream financial reporters have begun supporting the safe have argument for Bitcoin. Furthermore, last night, in another update on the price, market technician predicts $12,000.

Crypto-twitter plans to sell the news following both the updates.

JC OHara, Chief Market Technician at MKM Partners notes that the shift to bullish trend after dormant consolidation is positive signal that still holds.

Positive momentum will continue to follow positive momentum. In short term, we could see $12000 on Bitcoin.

Prominent derivates and crypto trader, XCs thoughts on the update were,

Pack it up guys, its Over.

Futures Market on Cocaine

The optimism around the price has been increasing considerably over the past couple of weeks.

The funding rate on BitMEX has been over 0.1% (daily) since 6th February as the price neared $10,000. The highest price reached for the bullish action was around $10,500. The bears have been able to hold the surge as the week comes close to an end.

bitmex funding rateXBTUSD Funding Rate on BitMEX

The funding rate on Okex has been positive for the most part of his month as well.

okex funding rateBTC Funding Rate on OKex

However, on Huobi, elite traders seems to be adding to their short positions since the beginning of this month.

Huobi futures swapsElite Trader Position (Daily) on Huobi since 2nd February

The Open Interest (OI) on these exchanges continue to be massive, it has been over $1 billion on BitMEX for quite sometime.

bitmec oi

BitMEX Open Interest in BTC and USD (Source: Skew)

Moreover, the OI on Okex and Huobi are also on the rise; currently, at yearly high levels. The massive liquidity on the long side increases the probability of a dump profoundly.

Nevertheless, leading on-chain analyst Willy Woo has recently noted that while on-chain is slightly bearish, the futures market seems to be on cocaine at the moment. The futures bulls might out-run the selling attempts if it continues to hold bullish support around $10,000.

The price of Bitcoin [BTC] at 3: 20 hours UTC on 14th February is $10,263.

Do you think a top is in or there is more fuel to this run in the short-term? Please share your views with us.

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Tags: Bitcoin, Open interest, trader, Coingape, News, BitMEX, CNBC, MKM Partners, Huobi, OKEx