Bitcoin [BTC] Avoids a Price Squeeze to $9,000, as Tesla Soars over Bleeding Shorts – Coingape


Bitcoin [BTC] price looked prime for a run up to the $10,000 mark. The uncertainty in the market was palpable as the open interest and long orders continued to rise. However, while Bitcoin [BTC] ranged around $9350-$9600, Tesla [TSLA] logged a high at $650 on Thursday.

Reportedly, a 11% rise in Tesla yesterday caused a short order liquidation of more than $1.5 billion.  The price has been in an uptrend since October last year.

tesla
Tesla/USD Price Daily Price Chart (TradingView)

Moreover, $TSLA has soared more than 52% in the month of the January alone. The compiled liquidations of betting against Tesla has risen to $5.2 billion for the year.

The CSO of Coinshares, Meletem Demirors, leading digital assets firm in the US tweeted, on the success of tech assets like Tesla shares, Bitcoin prices including Beyond Meat, the vegan substitute of meat. She tweeted,

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On the other hand, crypto traders went on compiling long-orders looking for a breakout. However, the price got rejected from the resistance around November highs at $9590.

Bitcoin OI Soothes Down from Dynamic Level

The Open Interest (OI) in Bitcoin [BTC] swept above $1 billion on BitMEX. Historically, such high levels of open market orders often makes it susceptible to huge volatility movements on the opposite side of the bets.

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bitcoin open interest
BitMEX Open Interest on Futures Contracts (Source)

Nevertheless, while there was quite a bit of uncertainty, the price did not deviate much from the $9400 mark. The overall bias technically and with strong fundamentals are still bullish.

The futures Open Interest on Huobi and Okex is rising as well. on Okex, the funding and BTC basis is positives signalling a long inclination as well.

Surprisingly, on Huobi, while the overall position seems balanced (50-50%), there is a majority traders looking for a correction.

bitcoin account comparison
Bitcoin Elite Trader Account Comparison on Huobi (4-hour chart)

The price of Bitcoin [BTC] at 4: 40 hours UTC is $9400. The swing lows are near $9153, while the high is near $9590.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Do you think Bitcoin [BTC] will reach 10,000 or long orders will get squeezed? Please share your views with us. 

Summary

Bitcoin [BTC] Avoids a Price Squeeze to $9,000, as Tesla Soars over Bleeding Shorts

Article Name

Bitcoin [BTC] Avoids a Price Squeeze to $9,000, as Tesla Soars over Bleeding Shorts

Description

Bitcoin [BTC] price looked prime for a run up to the $10,000 mark. The uncertainty in the market was palpable as the open interest and long orders continued to rise. However, while Bitcoin [BTC] ranged around $9350-$9600, Tesla [TSLA] logged a high of $650 on Thursday. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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