Bitcoin exploded like a timebomb gaining more than $1,000 in a single green candle. BTC is climbing higher at $12,903 at the time of this writing after registering a fresh high at $13,250.
An analyst had earlier predicted that once Bitcoin got going, it would be like a bulldozer. Bitcoin has been on a massive run since the prior week, revving its engines on Square Inc. 4000 BTC purchase.
Analysts are presently seeing that BTC has room to climb higher since Bitcoin’s funding rates remain negative to slightly positive. This was stated:
“The other times that BTC tried to break $12k, funding and premium were positive. They are neutral/negative now. So yeah, this time is different.”
Bitcoin’s IOMP Data
Courtesy: Intotheblock
Recent Data Shows Something Quite Interesting
BTC derivatives are overly bullish with the futures’ basis and the options 25% delta skew reaching the same levels seen on October 12. The skew indicator remaining at the current level for extended periods is unlikely in BTC history. However, trader positions are presently different which seems to indicate the absence of near-term optimism. The skew indicator has maintained its October 12 stance staying at its lowest levels in 6 months signaling traders’ optimism.
These seemingly conflicting signals could reflect the recent 15% jump in the last couple of weeks, spurring massive gains for some traders. Even though derivatives markets are overly bullish, pro traders seem to see no obvious reason to add to long positions at the present levels.
