The constellation on the derivatives market is currently as good as rare for Bitcoin, but a probable upswing is far from guaranteed.
Bitcoin ( BTC ) could gain significantly again this month, but a renewed downturn to $ 40,000 cannot be ruled out at any time.
At least the crypto analysts of the Decentrader trading platform draw a cautiously optimistic picture of the further price development in the coming weeks in their current forecast report.
Derivatives trading favors upswing
After BTC/USD was able to soar to over 45,500 US dollars this week , the publication of the new US inflation figures caused a noticeable damper.
In the meantime, the Bitcoin price has leveled off again in a “boring” sideways movement, although according to Decentrader, some key figures give reason for hope again.
“Bitcoin is currently moving without a clear direction, but resistance and support are clearly defined,” as the forecast report first notes.
The mood has recently switched from "neutral" to "anxious" again, but the indicators from derivatives trading suggest that things could start to pick up again soon.
"We finally have an extended period of negative funding rates, a steady decline in open interest, and most importantly, a negative long/short ratio," the Decentrader experts explain.
As can be seen from an accompanying price chart, since the end of 2020, BTC/USD has been able to make significant gains whenever these factors have come together.
Coinglass data shows that funding rates are still in negative territory as of this Sunday.
"Just wait and see"
Nonetheless, a dip back to $40,000 is still in the cards. However, such a retracement should stop at $39,000 at the latest, provided a breach of the psychologically important support does not cloud sentiment too much.
“Meanwhile, on the upside, there are key resistances at $47,950 and $52,660, which were still key support areas during the summer crash,” the forecast continues.
For the moment it's anyway "wait and see and drink tea".
"Nothing has changed significantly", as the analyst Crypto Ed sums up :
“I expect a dip to $40,000 ideally followed by a bounce to $48,000. If $40,000 collapses, however, we should be warned.”
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