It seems as though Bitcoin’s price action throughout the early part of 2020 has drastically altered its medium-term prospects, as investors are now widely betting that the ongoing BTC rally extends significantly further.
This is elucidated while looking towards the near-record volume seen on Bitcoin’s options yesterday, which signals that investors are eyeing a mid-term rally for the cryptocurrency.
Bitcoin Options Volume Nears All-Time Highs; Factors & Trends
Since Bitcoin tapped lows of $6,800 in early January, the cryptocurrency has been caught within a firm uptrend that has allowed it to climb as high as $8,900.
Although BTC is currently pushing up against some resistance, its ability to hold steady within the upper-$8,000 region without incurring any type of discernable rejection suggests that the markets may soon see further upside.
It appears as though BTC options traders concur with this assumption, as trading volume on Bitcoin options hit a near-record high yesterday.
Su Zhu, the CEO of Three Arrows Capital, spoke about this near-record volume in a recent tweet, telling his followers that he anticipates the options volume to continue climbing higher throughout 2020.
“Near-record volume on BTC options yesterday, I expect this record to be broken several times over the course of the coming year,” he noted.
Near-record volume on $BTC options yesterday, I expect this record to be broken several times over the course of the coming year https://t.co/3VtOc1PXkV
— Su Zhu (@zhusu) January 15, 2020
What Factors Could Propel BTC Higher in 2020?
Because it does seem that traders are anticipating BTC to see further upside throughout the coming twelve months, it is possible that they are looking towards the cryptocurrency’s upcoming mining rewards halving event as one potentially bullish catalyst.
Beyond this historically bullish fundamental event, analysts are also widely noting that Bitcoin’s technical situation has grown increasingly bullish following its strong bounce from the $6,000 region.
Trader’s current bullishness is further elucidated while looking towards the crypto’s futures on prominent Asian exchanges like OKEx.
“March BTC Futures on OKEx going absolutely ham. This coupled with the premium @binance is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric. As such, I’ll be monitoring the same to spot reversal signs,” Hsaka, a prominent crypto analyst, explained in a tweet.
March $BTC Futures on @OKEx going absolutely ham.
This coupled with the premium @binance is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric.
As such, I'll be monitoring the same to spot reversal signs. pic.twitter.com/S9Xy8toLuQ
— Hsaka (@HsakaTrades) January 15, 2020
Assuming that this volume continues to grow in the near-term, it could lead to greater BTC buying pressure that subsequently allows its price to see some steady momentum, although it remains unclear as to how events like the halving will impact this potential growth.
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It appears that Bitcoin’s medium-term outlook is rapidly starting to favor bulls, with reports upon reports coming in indicating that the technicals and fundamentals imply that a return to a bullish phase is on the horizon for BTC.
Decred has a bearish short-term and medium-term trading outlook The four-hour time frame shows that a bearish falling wedge pattern has formed The daily time frame shows that the DCR/USD pair is trapped within a triangle pattern Decred buyers are attempting to rally price above the psychological $20.
Ethereum has a bullish short-term trading bias, but remains bearish over the medium-term The four-hour time frame shows that a bearish head and shoulders pattern has been invalidated The daily time frame shows bulls need to rally price towards the $240.
Litecoin has a bearish short-term trading bias and retains a negative medium-term outlook The four-hour time frame shows that a bearish head and shoulders pattern has been invalidated The daily time frame shows bulls need to rally price towards the $85.
EOS is still bearish over both the short and the medium-term The four-hour and daily time frames are both showing bearish head and shoulders pattern The EOS / USD pair needs to rally above the $3.
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The bulls are in control of the short and medium-term outlook. Traders may consider buying at pullback areas. QTUM/USD Medium-term Trend: Bullish Supply zone: $4. 00, $4. 50, $5. 00 Demand zone: $2.
The short and medium-term outlook is in a downtrend. Responsible selling may be considered. ATOM/USD Medium-term Trend: Bearish Supply zone: $10. 00, $12. 00, $14. 00 Demand zone: $3. 00, $2. 00, $1.
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However, if the bulls had a bullish break at the $140 resistance level, the LTC market will rally at the price of $160. From the Fibonacci tool, the LTC market is in the 0. 236 and 0. 382 Fib. retracement levels.
The VET price is trading between the levels of $0. 0060 and $ 0. 0080. A bullish break at the $0. 0080 price level will see the crypto rally above the high of $0. 00095 price level. A bearish break will depreciate the coin further to the low at $0.
On the upside, the bulls will rally above the $0. 47 overhead resistance if more buyers are introduced at the upper price level. On the other hand, if the bulls fail to break the overhead resistance, the XRP market will fall either to a low at $0.
On the upside, if the bulls break the initial resistance of $8,918, the crypto’s price will rally above the $9,000 price level. On the downside, if the bulls fail to break the $8,918 resistance level the crypto’s price will fall and range below the $8,918.
A price break out would make the market rally above $280 price level. A price break down would further depreciate the crypto’s price. Yesterday, the market fell and depreciated to a low at $243 price level.
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