RATE Group | BitMEX Indicator Suggests Bitcoin (BTC) Price May Rally Back to $9,600
67043
wp-singular,post-template-default,single,single-post,postid-67043,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

BitMEX Indicator Suggests Bitcoin (BTC) Price May Rally Back to $9,600

31 Oct BitMEX Indicator Suggests Bitcoin (BTC) Price May Rally Back to $9,600

Posted at 01:23h in Ethereum News by

[ad_1]

Over the past day, Bitcoin (BTC) has started to slump. The cryptocurrency, as of the time of writing this, is trading 2% down on the day, changing hands at $9,200.

Despite this drawdown, a key indicator suggests that bulls may soon gain momentum once again. CryptoHamster noted that the BitMEX funding rate and premium index has become negative on short-term time frames. The last time this was seen, Bitcoin rallied higher by some 5% in the hours that followed.

The idea here is that BitMEX’s funding and premium index often acts as an indicator of which way traders are leaning. While a negative index means that investors are expecting for Bitcoin to fall, the cryptocurrency market has been known to move against the majority, hence the potential for a 5% rally back to $9,600 or so.

[ad_2]

Source link