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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Here’s Why Bitcoin Traders Should Be Favoring Longs Right Now

Nick Chong
Nick Chong
1 year ago
2 mins read
Matic network

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Bitcoin has been stalling around the high-$10,000s over the past few days despite the surged earlier this week. The coin now trades at $10,850 as of this article’s writing, a few percent shy of the local high.

Analysts are certain that investors should be favoring longs right now. Here’s why they think so.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

This Is Why Bitcoin Is Primed to Move Higher

One cryptocurrency trader shared the chart below, noting that he thinks sellers (short position holders) may be “trapped” right now. This may likely lead to a situation where Bitcoin spikes higher, thereby liquidating or stopping out these sellers.

He posted the chart below, writing the following to explain why he thinks this is the case for Bitcoin:

“I keep seeing bears talking about trapped buyers here. I am seeing the opposite. Basis still favoring opening up a long. CVD showing more of a turn than price, and I would not look at it as leading but as being sellers absorbed, taking a “101” level backside short. $BTC.”

Image

Chart of BTC's price action over the past few hours with CVD analysis by crypto trader Cantering Clark
Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million

Not the Only Sign Suggesting Upside Is Imminent

Corroborating the expectations of upside is the state of Bitcoin futures funding rates. The funding rate of a crypto derivative is the fee that long positions pay short positions to ensure that the price of the derivative trades in line with the price of the index, which derives its price from spot markets.

According to ByBt, a crypto derivatives tracker, the funding rates of leading Bitcoin futures markets are negative across the board.

This includes Binance, BitMEX, OKEx, Huobi, and ByBit.

While this may suggest to investors that Bitcoin’s prevailing trend is bearish, negative funding rates are often seen before the trend reverts higher.

Negative funding rates suggest to some that sellers are too aggressive, making a reversion to mean likely.

Related Reading: It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Here's Why Bitcoin Traders Should Be Favoring Longs Right Now
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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