Bitcoin (BTC) price topped $ 50,000 on major futures exchanges for the first time in history, including Binance Futures.
On-site exchanges such as Coinbase and Binance Bitcoin price was turned down well below $ 50,000.
Why there are probably more benefits
February 16 The Bitcoin price on Coinbase was $ 49,556This is the second attempt to break the $ 50,000 resistance area.
Shortly after reaching $ 49,556 BTC saw a sharp drop, falling 3.5% over several hours.
The CEO of CryptoQuant, Ki Young JuExplains that Bitcoin is about breaking over $ 50,000 “Coinbase (USD) whales versus stablecoin (USDT) whales”.
Ki emphasized that at the time Bitcoin turned down $ 50,000 in the morning, there was a negative Coinbase premium. In order for BTC to cleanly outperform it, he explained that the negative premium needs to “cool down”.
Since the initial rejection, Coinbase’s premium has stabilized. Reaching parity with Binance’s tether price.
Coinbase usually has a higher Bitcoin price than Tether on most days, but the premium has recovered from negative to neutral.
The US session could create new momentum
With the recovery of the Coinbase premium Lex moskovski, a quantitative trader and cryptocurrency investor, said the US session could catalyze the new rally for bitcoin.
In theory, Coinbase rewards should return during the US sessionsince buyers in the United States would be more active during market hours.
Therefore, If the premium returned with the opening of the US market, it would increase the likelihood that a bitcoin rally would continue. Moskovski He said::
“This race up to $ 50,000 will continue to be dominated by buying pressure from Binance and others, not Coinbase. This is indicated by a falling Coinbase premium. However, this can also mean Coinbase buyers will join the race when the US wakes up. We will see”.
Popular cryptocurrency trader Mac also said that Bitcoin is likely to break over $ 50,000 and create a new support area.
The trader said that one potential scenario would be for BTC to exceed $ 50,000. Correction to around $ 42,000 and establishment of a new level of support. He He said::
“New base in $ BTC is being built. This is the ideal scenario in my books. With the current market situation, we could use $ 52,000 to consolidate and move up. “
Mostly, Both traders and on-chain analysts seem to assume that the price of Bitcoin will exceed USD 50,000 in the short term..
However, since the financing rate indicates an overcrowded futures market, Traders expect Bitcoin to be corrected shortly after it hits $ 52,000.
When this scenario unfolds, It would be similar to BTC’s reaction at $ 42,000 when it first topped. There followed a significant correction to around $ 29,000 before the price hit new highs.