With yesterday’s rise, Bitcoin’s psychological resistance at $12,000 has been shattered and since the beginning of the month, it has been rejecting any attempt to rise. A wait that ended with a movement that in a few hours saw prices surpass the technical resistance of 12100 and 12350 points.
The rise has also blown many derivative hedges located in these areas fueling purchases and making a further leap that has made prices rise to a step from 12500, where short-term profit-taking prevailed.
The movement has been accompanied by a general increase in volumes, with trades over the last 24 hours rising to over $190 billion. These numbers have not been recorded since last May. For Bitcoin, with just under $4 billion worth of US dollars, it has been a record day since the end of July.
With over 240 thousand BTC, this is the fourth day since the beginning of the month for the number of units traded.
Derivatives on BitMEX
In the derivatives markets, the BitMEX exchange settled more than $24 million of short positions (downwards) between 12000 and 12200 points in a few minutes. The aggregate volume of Open Interest for futures contracts held in position after the end of the day, with more than $5.7 billion is an absolute record.
The altcoin market
Today opens with a prevalence of positive signs. More than 60% of the first 100 capitalized are above parity. Among the Top 20, the number of positive signs rises, eight out of ten. The best today is TRON (TRX) with a rise above 12% and prices over $0.032, the highest level since July 2019.
At a distance follow Litecoin (LTC) and Ripple (XRP), up more than 5%. Among the top 100, the podium today is on a par with Fetch.ai (FET) – a British project launched in 2018 to offer open source solutions for emerging artificial intelligence technologies – and Yearn.finance (YFI), a recently launched token that is positioned in the DeFi sector that in a few days has caught the attention of operators. Both are now up by more than 28%.
Total capitalization goes beyond $383 billion and reaches the highest level since May 2018.
Despite the rise of the last few hours, the dominance of Bitcoin falls below 59%, the lowest level since June 2019. Ethereum’s market share remains stable, although below last week’s highs, at 12.5%, similar to XRP’s 3.7%.
Bitcoin (BTC): technical analysis
The confirmation of the break of the 12 thousand dollars pushes prices beyond the technical resistance of the 12150, making many bearish positions jump by increasing purchasing volumes. In just over an hour, prices rose to almost $12,500, the highest price peak since July 2019.
Even prices with the Euro exchange rate, rising above 10400, set the record of the last 12 months. With hedges jumping between $12100 and $12350, option traders move their hedges just past yesterday’s highs in the 12550 area, a crucial level for the race to continue up to $12,250-13,000. Supports are now at the $12,000 level, former resistance.
Yesterday afternoon’s rises also shook the prices of Ethereum, which pushed prices for a few minutes closer to $450, the highest level in the last 2 years, and then returned to weekend levels again in the $430 area.
For Ether, it is necessary to consolidate the supports between 420 and 430 dollars preparing a base from which to start again for a more compact attack of 450 dollars. Otherwise, there is still room for downward descents down to the $400 area.