It appears that Bitcoin investors are not fazed by the prospects of a move lower due to the CME futures gap formed at $11,100. The leading cryptocurrency has continued to thrust higher, pushing towards $11,700 just minutes ago as of this article’s writing.
The leading cryptocurrency has now printed six days of gains in a row, suggesting it is on track for a full reversal of the September losses.
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Bitcoin Pushes Towards $11,700
Bitcoin is thrusting towards $11,700 after weeks of consolidation between $10,000 and $11,000. The leading cryptocurrency is about to hit $11,700, having pushed 3% higher in the past 24 hours alone. Over the past five days, the cryptocurrency has rocketed from around $10,600 to $11,700, marking a gain of over 10%.
This latest leg higher has resulted in millions of dollars worth of liquidations on futures trading platforms. Skew.com reports that more than $3 million worth of liquidations has taken place on BitMEX’s Bitcoin market alone. As BitMEX only makes up a small portion of the rest of the crypto futures industry, it’s fair to say that millions more were liquidated on other platforms.
According to crypto derivatives tracker ByBt, the funding rates of leading futures exchanges are starting to lean positive across the board for the first time in a number of weeks. This suggests that longs are starting to become more aggressive than shorts. As long as the funding rate remains low, there should not be an immediate concern for long holders.
Chart of BTC's price action over the past few weeks from TradingView.com
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All Eyes on Stimulus Discussions
Portions of this rally have been triggered by expectations of another U.S. stimulus bill passing, which would result in the U.S. dollar losing value.
It is important that cryptocurrency investors watch these discussions moving forward to ensure that they have a comprehensive view of Bitcoin’s price action.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Title