{"id":93587,"date":"2020-10-20T20:33:11","date_gmt":"2020-10-20T17:33:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-12k\/"},"modified":"2020-10-20T20:33:11","modified_gmt":"2020-10-20T17:33:11","slug":"breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-12k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-12k\/","title":{"rendered":"# Breakout or fakeout? Top traders react to Bitcoin price rally to $12K"},"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-6a3f6c0575d3f\" 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-6a3f6c0575d3f\" 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\/breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-12k\/#Is_Bitcoin_on_the_verge_of_a_new_bull_trend\" >Is Bitcoin on the verge of a new bull trend?<\/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\/breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-12k\/#Whats_next_for_BTC\" >What\u2019s next for BTC?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Breakout or fakeout? Top traders react to Bitcoin price rally to $12K  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in the process of decoupling from the rest of the market, including U.S. equities.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> sentiment around Bitcoin among analysts and traders remains positive and multiple on-chain analysts say that Bitcoin has been behaving like a safe-haven asset. <\/p>\n<p>Technical analysis suggests that first the $12,000 resistance level needs to be flipped to support and previous price action around this level suggests that it will be hard for BTC to surpass it cleanly in its first retest.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/82387a70-2c17-4f7e-9382-ec8e2cc88577.png\"\/><figcaption style=\"text-align: center;\"><em>The daily chart of Bitcoin. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView.com<\/em><\/a><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Bitcoin_on_the_verge_of_a_new_bull_trend\"><\/span>Is Bitcoin on the verge of a new bull trend?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On-chain analyst, Willy Woo, has consistently been positive about the current Bitcoin price cycle. <\/p>\n<p>Woo emphasized that BTC showing correlation with U.S. stocks in the near-term makes perfect sense, but, over the long term, the analyst noted that decoupling was inevitable. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1318556577469763585?s=20\">said<\/a>:<\/p>\n<blockquote><p>\u201cThe decoupling is upon us \ud83d\ude42 Makes sense that BTC will continue to be correlated in short timeframe trading; but not in the longer timeframes. BTC is a safe haven, just that \u2018risk-on\u2019 (meaning it&#8217;s very new) is skewing this fact.\u201d<\/p><\/blockquote>\n<p>While the fundamentals remain optimistic for Bitcoin, technical analysts and traders are wary about BTC at $12,000. Historically, the $12,000 level has acted as a strong resistance area for BTC.<\/p>\n<p>A pseudonymous trader known as \u201cSalsa Tekila\u201d said that he remains careful as Bitcoin pulls closer to the $12,000 level. The trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/SalsaTekila\/status\/1318536452158914565\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cAround $12K I&#8217;m very careful, think we get a pullback. Wouldn&#8217;t bet against that level on it&#8217;s first test.\u201d<\/p><\/blockquote>\n<p>In addition to Bitcon\u2019s favorable technical structure, the confluence of preferable macro factors are buoying the sentiment around BTC.<\/p>\n<p>Heading into the Nov. 3 presidential election, risk-on assets are demonstrating a high level of uncertainty. This has caused the U.S. dollar index to decline, causing alternative stores of value to rally.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whats_next_for_BTC\"><\/span>What\u2019s next for BTC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders are pointing to the spot market as the primary driver of today\u2019s bullish move. Meanwhile, the futures market is cautious but spot traders are continuing to accumulate BTC.<\/p>\n<p>Derivatives trader Cantering Clark noted that there is not much buyer demand in the futures market. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1318570258668584961?s=20\">said<\/a>:<\/p>\n<blockquote><p>\u201cNot exactly a ton of perp aggression by buyers up here. This seems mostly spot driven. Perps are still being used to bet mostly against.\u201d<\/p><\/blockquote>\n<p>Previous bull cycles were led mostly by the futures market, particularly by BitMEX and Binance Futures. If the spot and futures market are showing contrasting directions, it could spark significant volatility in the short term.<\/p>\n<p>If Bitcoin cleanly breaks $12,000, traders believe the momentum would lead to the formation of a new uptrend. Another pseudonymous trader known as \u201cByzantine General\u201d <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1318552211581030400\">said<\/a>:<\/p>\n<blockquote><p>\u201cThe books are super thin above 12K. If it breaches, don&#8217;t try to short it. It&#8217;s like standing in front of a freight train.\u201d<\/p><\/blockquote>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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 noreferrer\">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 noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/breakout-or-fakeout-top-traders-react-to-bitcoin-price-rally-to-11-9k\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Breakout or fakeout? Top traders react to Bitcoin price rally to $12K &#8221; Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":93588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/4ffa29a1-0add-4f03-8f53-cb758c8a0d42.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,73785],"class_list":["post-93587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93587","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=93587"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/93588"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=93587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=93587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=93587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}