The Market Is “Too Sober” For Bitcoin to Top At Current $11,500 Level

photo 2020 08 23 04 34 21 980x448 1

Analysts think that the Bitcoin market is “too sober” to top at current price levels. BTC trades at $11,600 as of this article’s writing, perpetuating the consolidation it has been in for the past three weeks. Why Bitcoin Is Unlikely to Top Here One cryptocurrency trader thinks that it’s unlikely that Bitcoin is forming a macro high here despite the assertions of skeptics. The trader in question pointed to the relatively mild futures market, which suggests that longs are not overleveraged as they were in June of 2019 or earlier this year in February: “Still think its too sober to be a top. BTC and ETH going sideways with sub 10% annualized futures seems pretty sober to me to be honest, esp considering how high we are trading. If you didnt know, OKEx’s BTC weekly futures traded at 1000$ + premiums few times back in 2017.” This trader isn’t the…

Read the original article here