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Majority of Big Volume Traders Bullish on Bitcoin (BTC), According to Binance Futures

March 06, 2020

The majority of high volume crypto traders are now bullish on Bitcoin, according to Binance Futures.

The exchange reports that more than two thirds of the top traders by account are long on BTC/USDT futures contracts.

According to Binance,

“Binance Futures traders are currently Long BTC/USDT overall on the daily time frame.

‘Top traders’ are defined as the top 20% of traders by margin balance.”

The bullish sentiment comes despite the fact that February was largely unkind to Binance Futures traders. Reports the exchange,

“In February, most of Binance Futures’ perpetual contracts ended the month on a negative note. Its most-traded contract, BTCUSDT, closed 8% lower since January. ETHUSDT and LINKUSDT have outperformed other perpetual contracts, recorded gains of 20.6%, and 43.8%, respectively. Meanwhile, ETCUSDT saw a significant decline in market value, decreasing by 35.10% to $7.7 per contract.” 

A high-profile crypto investor believes Bitcoin will still face some serious resistance levels before rising further in price.

In a new interview with Forbes, Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, says BTC’s 50-day moving average will need to go up before it can make any consequential gains.

“Moving forward, Bitcoin will need to face the 50-day moving average, which is acting as a resistance level at $9,300…

Only after breaching this resistance and then re-testing it for support can Bitcoin set the foundation to tackle $9,500, $9,800 and then $10,000.”

DiPasquale says resistance at $9,500 is even more robust than what it is currently facing at $9,300.

Bitcoin is trading at $9,118, up 2.25% in the last 24 hours at time of publishing, according to CoinMarketCap.

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Featured Image: Shutterstock/Willyam Bradberry