{"id":179379,"date":"2021-02-16T14:00:00","date_gmt":"2021-02-16T11:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up\/"},"modified":"2021-02-16T14:00:00","modified_gmt":"2021-02-16T11:00:00","slug":"bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up\/","title":{"rendered":"# Bitcoin futures break $50K: Why BTC price is primed for another leg up"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41b99c6a781\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41b99c6a781\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up\/#Why_more_upside_is_likely\" >Why more upside is likely<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up\/#US_session_could_result_in_newfound_momentum\" >U.S. session could result in newfound momentum<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin futures break $50K: Why BTC price is primed for another leg up  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major futures exchanges, including Binance Futures.<\/p>\n<p>However, on spot exchanges, like Coinbase and Binance, the price of Bitcoin rejected closely below $50,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/79733d81-ddca-4a89-a5a6-5f8b0b368fc4.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Binance Futures). Source: Tradingview<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_more_upside_is_likely\"><\/span>Why more upside is likely<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Feb. 16, the price of Bitcoin reached as high as $49,556 on Coinbase, marking its second attempt at breaking past the $50,000 resistance area.<\/p>\n<p>Shortly after hitting $49,556, BTC saw a steep pullback, declining by around 3.5% within several hours.<\/p>\n<p>CryptoQuant CEO Ki Young Ju explained that Bitcoin\u2019s struggle to break past $50,000 is about \u201cCoinbase whales (USD) vs. Stablecoin whales (USDT).\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/471eaca6-b0d5-430f-b6a9-0d48bf0d68b7.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Coinbase premium index. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Ki emphasized that there was a negative Coinbase premium at the time Bitcoin rejected $50,000 in the morning. For BTC to cleanly break past it, he explained that the negative premium has to be \u201ccooled down.\u201d<\/p>\n<p>Since the initial rejection, the Coinbase premium has stabilized, reaching parity with Binance\u2019s Tether price. <\/p>\n<p>Coinbase typically has a higher Bitcoin price than Tether on most days, but the premium has recovered from negative to neutral.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"US_session_could_result_in_newfound_momentum\"><\/span>U.S. session could result in newfound momentum<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With the Coinbase premium recovering, Lex Moskovski, a quant trader and a cryptocurrency investor, said the U.S. session could catalyze Bitcoin\u2019s new rally.<\/p>\n<p>Theoretically, the Coinbase premium should return during the U.S. session, as buyers in the U.S. would be more active during market hours.<\/p>\n<p>Hence, if the premium returns as the U.S. market opens, the probability for the continuation of a Bitcoin rally would increase. Moskovski <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1361597462318895109\/photo\/1\">said<\/a>:<\/p>\n<blockquote><p>\u201cThis run up to $50k keeps being dominated by buying pressure from Binance and others as opposed to Coinbase. This is indicated by a decreasing Coinbase premium. However, this may also mean that Coinbase buyers join the race when the U.S. wakes up. Let&#8217;s see.\u201d<\/p><\/blockquote>\n<p>Furthermore, popular pseudonymous cryptocurrency trader Mac said Bitcoin is likely to surpass $50,000 and build a new support area. <\/p>\n<p>The trader said a potential scenario would be BTC rising above $50,000, correcting to around $42,000, and establishing a new support level. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MacnBTC\/status\/1361594516780769280\">said<\/a>:<\/p>\n<blockquote><p>\u201cNew base about to be built on $BTC This is the ideal scenario in my books. With the current state of the market we might tap $52k, continue consolidating and go higher.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/f09fb400-57b7-4815-bfe9-5bfcab113228.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Potential Bitcoin scenario. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> @Macnbtc<\/em><\/figcaption><\/figure>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>ly, both traders and on-chain analysts seemingly anticipate the price of Bitcoin to surpass $50,000 in the near term. <\/p>\n<p>However, with the funding rate indicating an overcrowded futures market, traders expect Bitcoin to correct shortly after reaching $52,000. <\/p>\n<p>If this scenario plays out, it would be akin to BTC\u2019s reaction at $42,000 when it first broke above it. This was followed by a sharp correction to around $29,000 before the price rebounded to new highs.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-futures-break-50k-why-btc-price-is-primed-for-another-leg-up\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin futures break $50K: Why BTC price is primed for another leg up &#8221; The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major futures exchanges, including Binance Futures. However, on spot exchanges, like Coinbase and Binance, the price of Bitcoin rejected closely below $50,000. BTC\/USD 1-hour candle chart&#8230;<\/p>\n","protected":false},"author":1,"featured_media":179380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvYmJkZTdmZmEtYTcwMy00NmVlLWIzMjItMGYxNzQzZGMxOWQ0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74972,74937,73785],"class_list":["post-179379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/179379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=179379"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/179379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/179380"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=179379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=179379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=179379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}