The positive movement in BTC rate did not lead to an increase in rates for cryptocurrency futures.
Despite the long-awaited breakout of Bitcoin price at the level of $ 12,000, crypto traders do not show the expected interest in the digital asset. This, as noted by CoinDesk analyst Zack Voell, is indicated by the low rates on BTC futures.
Bitcoin has already reached the level of $ 12,000 in 2020. The growth of the first cryptocurrency to the designated level was recorded in mid-August, and then in early September. You can see the decline in the interest of market participants in the financial instrument, despite the increase in its value on the chart, which reflects the movement of the digital asset rate in comparison with the rates for futures on BTC.
The chart reflects Bitcoin price movement and changes in BTC futures rates on various digital asset exchanges, including Binance, Bitfinex, BitMEX, and Deribit.
The analyst drew attention to the fact that the growth of rates for futures on Bitcoin signals a positive mood of investors regarding the further movement of the digital asset rate. Lack of reaction from market participants – on the contrary, it may indicate a lack of confidence in market participants in the potential of BTC.
According to Glassnode website, Bitcoin futures rates went negative over the weekend. The active growth of the cryptocurrency at the beginning of the week did not change the situation.
Market participants believe that the reason for investors’ disbelief in the further growth of BTC could be the negative news background around the cryptocurrency. For example, the situation could be affected by the problems of the team of one of the most popular digital asset exchanges OKEx.
Despite the fact that Bitcoin futures rates remain negative, the fear index of investing in BTC is still near the green zone. This situation indicates the interest of market participants in investing in cryptocurrency.
Bitcoin Fear and Greed Index is 56 – Greed pic.twitter.com/yg2HVPtzmk
— Bitcoin Fear and Greed Index (@BitcoinFear) October 20, 2020
We will remind, earlier investors shared their opinion, according to which Bitcoin will be able to update the maximum value by the end of 2020.
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