RATE Group | Bitcoin Price Can Hit $8.8K But BitMEX Signals Warning — Tone Vays
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Bitcoin Price Can Hit $8.8K But BitMEX Signals Warning — Tone Vays

13 Jan Bitcoin Price Can Hit $8.8K But BitMEX Signals Warning — Tone Vays

Posted at 11:39h in Cryptocurrency News by

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Bitcoin (BTC) clinched a third day trading above $8,000 on Jan. 13 as weekend trading failed to take away bullish momentum.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC: major resistance only at $8,800

Data from Coin360 and Cointelegraph Markets showed BTC/USD begin the week at just over $8,100. After exiting the $7,000 range on Friday, Bitcoin managed to retain higher levels, with only one brief trip below $8,000 late Sunday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Volatility was notably absent over the weekend, with BTC/USD staying within a corridor of around $250.  

With further upside a possibility, traders were attempting to discern the likelihood of Bitcoin either cementing its gains or abandoning its upward trajectory. 

For Tone Vays, despite a multitude of bullish signals, it was the funding rate on derivatives giant BitMEX failing to react which gave cause for concern. The rate is currently slightly positive at 0.01%, which is generally seen as a bearish sign…

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