Bitcoin (BTC) is still not on the $ 12,000 road: so what? BTC actually has better things to offer: its strength. Bitcoin shows that it is able to stand up and take a hit. COVID-19 risks putting several assets and currencies on the ground: BTC will not only survive, it will shine.
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Bitcoin: this great boxer
Data from Skew show that institutional investors are starting to invest in derivatives again BTC.
They regained their composure after the announcement of the CFTC marking the beginning of legal woes for BitMEX, caused open interest on BTC derivatives to fall – a drop of 11% according to Arcane Research, 20% according to Skew.
Data from Glassnode show, however, that these interests have reached their lowest level over 4 months.
The BTC has taken numerous chin-up uppercuts over the past few weeks, but still hasn’t fallen below $ 10,000.
The hack of KuCoin, the “legal problems” of BitMEX, and even the collapse of Dow jones and S&P 500 following the announcement of the infection of Donald trump by COVID-19, could not put Bitcoin down.
The BTC has proven its strength by defending the $ 10,500 area which is now used as a support to recover to the upside.
Bitcoin will likely close in a few hours this trading week, with a small red candlestick.
Bears still offside
The Bitcoin attacked $ 10,600 today, October 3, 2020. It is trading at $ 10,598 as of this writing.
Although the markets were rocked this week, the daily market is only very slightly bearish, with a daily RSI (14) standing at 46.
The weekly and monthly markets of Bitcoin are still in a green zone, with RSI (14) of 55 and 57, respectively.
The week has not been kind to Bitcoin and cryptocurrencies in general. Will the winds be more favorable for Bitcoin during this new week? BTC has proven to be able to stay afloat and move forward even in a storm: you have to be able to sing in the rain. Positive results are now awaited for BTC from another distribution of $ 1,200 gift certificates. Madrid returned to partial containment in Europe. The druid of the economic and financial markets is brewing the magic potion to boost the strength of Bitcoin: it will be ready soon!
Litecoin, welcome in the Silver Age