BTC bulls face challenges while altcoin rally looks tired.
We want to highlight the below CME bitcoin futures chart, which has at least two one-hour gaps that haven’t been filled. In our previous publications, we’ve pointed out the high tendency of gap filling in CME bitcoin futures, although the timing could be hard to determine. If seen, bitcoin could rebound to the 8900 area. However, there’s also a partially filled gap on Jan 7th, if that needs to be filled, a correction back to 7670 levels could be possible.
Figure 1: CME Bitcoin Futures 1-Hour Chart (Source: Tradingview)
OKEx Perspectives pointed out that BSV’s current rally looks tired, and markets should not rule out a short-term price correction. However, from a medium/long-term perspective, factors such as the upcoming “Genesis” hard fork could still be the primary driver for BSV, and BSV’s speculation appetite has somewhat remained high even after the rally. Traders probably don’t want to miss how this BSV sentiment unfolds as we move into February trading.
What You Missed?
Figure 2: BTCUSDT 4-Hour Chart (Source: OKEx; Tradingview)
Figure 3: OKEx BTC Long/Short Ratio (Source: OKEx)
Figure 4: OKEx BTC Perpetual Swap Funding Rate (Source: OKEx)
Figure 5: XRPUSDT Daily Chart (Source: OKEx; Tradingview)
Figure 6: ALGOUSDT 4-Hour Chart (Source: OKEx; Tradingview)
Figure 7: XLMUSDT Daily Chart (Source: OKEx; Tradingview)
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