Bitcoin Financing Fees Remain Negative as BTC Price Hits $43,500

Bitcoin (BTC) surged nearly $1,000 in minutes on Jan 12, with encouraging signs emerging from exchanges.

1h chart of BTC/USD (Bitstamp). Source: TradingView

data of Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair hit $43,468 on Wednesday (12), the highest since January 6.

The pair should continue volatile moves, traders say, with more and more favoring an upward momentum rather than a renewed decline.

That would likely come in the form of a “short squeeze” against the laggards, they argued, and Wednesday’s surge appeared to support the theory.

Funding rates on derivatives platforms remained neutral or negative during volatility, further suggesting that the market was betting too much on further losses.

Bitcoin funding rates chart. Source: Coinglass

Reacting, popular trader and analyst Scott Melker, known as the “Wolf Of All Streets,” reiterated his spot price targets to get rid of BTC. A rally from higher levels beyond $50,000 would form a pivot for a market entry, he told Twitter followers.

Targets for my $39,800 long leverage.

– 42 thousand✅
– 45.5 thousand
– 46.6 thousand

I’ll be 75% out by then, I’ll leave the rest to see if we can hit $52,000 and then reassess.

Goals for my cash purchases:

— The Wolf Of All Streets (@scottmelker) January 12, 2022

However, in your YouTube update On Tuesday (11), Cointelegraph contributor Michaël van de Poppe flagged $43,000 as a potential springboard for a trip to $46,000 thanks to a lack of resistance in the middle.

“I still have buy orders at $38,000; they won’t be hit, but I’m buying a lot here,” he said.

Meanwhile, Wednesday’s upcoming US consumer price index (CPI) data, forecast at 8:30 am ET, could provide fresh fuel for the fire, should inflation fall outside expectations.

Ether among top altcoins flying high

In the wake of Tuesday, altcoins capitalized on Bitcoin’s newfound strength.

The top 10 cryptocurrencies by market cap added more than 4% on the day, led by Polkadot (DOT), Terra (LUNA) and Ether (ETH).

The latter is up over 5% at the time of writing, firmly moving away from the $3,000 support.

1h chart of ETH/USD (Bitstamp). Source: TradingView

Previously, warnings came for altcoins in general, with tokens yet to experience “real pain” during the current dip.


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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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