For the first time ever, the price of Bitcoin (BTC) exceeded $ 50,000 on major futures exchanges, including Binance Futures.
However, on spot exchanges such as Coinbase and Binance, the price of bitcoin has fallen just under $ 50,000.
Why is probably greater growth
On February 16, Bitcoin reached $ 49,556 on Coinbase, marking the second attempt to break through the $ 50,000 resistance zone.
Right after it reached $ 49,556, Bitcoin’s price dropped around 3.5% in a matter of hours.
CryptoQuant CEO Ki Yong Joo explained that Bitcoin is trying to break the $ 50,000 mark because it is “Coinbase (USD) whales versus Stablecoin (USDT)” whales.
Ki stressed that it was a negative Coinbase premium at the time Bitcoin was down to $ 50,000 in the morning. He explained that in order for BTC to be able to completely run out of it, it was necessary to “smooth out” the negative premium.
Since the first rejection, Coinbase’s premium has stabilized and reached parity with Binance’s Tether award.
Coinbase generally has a higher bitcoin price than Tether most days, but the premium is restored from negative to neutral.
The US session could provide a new impetus
With the recovery in Coinbase premiums, Lex Moskovsky, analyst trader and cryptocurrency investor, said the US session could be a catalyst for new growth in Bitcoin.
In theory, Coinbase’s premium should return during the US session, as US buyers will be most active during market hours.
Thus, if the yield opens up in the US market, the probability that Bitcoin will continue to increase will increase. Moskovsky said:
That $ 50,000 increase is still driven by buying pressure from Binance and others, not Coinbase. This is evidenced by Coinbase’s low premium. However, it could also mean that Coinbase buyers join the race when the US wakes up. Let’s take a look. ”
In addition, a popular cryptocurrency trader under the pseudonym Mac said that Bitcoin could potentially exceed $ 50,000 and create a new support zone.
The trader said the likely scenario is that BTC will rise above $ 50,000, adjust to around $ 42,000 and create a new support level. He said:
“The new base will be built in BTC dollars. In my books, this is the ideal scenario. With the current market situation, we can have $ 52,000, continue to consolidate and move on.”
Potential Bitcoin scenario. Source: TwitterMacnbtc
Overall, traders and network analysts expect the price of Bitcoin to exceed $ 50,000 in the near future.
However, given the level of funding that suggests the crowded futures market, traders expect Bitcoin to recover soon after hitting $ 52,000.
If this scenario takes effect, BTC will respond to $ 42,000 once it peaks. This followed a sharp correction to around $ 29,000 before the price jumped back to new heights.