Bullish Outlook as Selling Pressure on Bitcoin Futures Declines with CoinEdition

• CryptoQuant analysts revealed that the BTC futures market is declining.
• There is a positive outlook as BTC sent from spot to derivatives exchanges fell.
• The crypto market has stagnated for several days, with BTC trading at $19,150 and $19,500.

CryptoQuant, an on-chain data analytics portal, has published a post saying that the selling pressure of the (BTC) futures market has been steadily decreasing recently.

The outlet noted that since the beginning of this month, the amount BTC traders moved from the crypto spot exchanges to the derivatives exchange has decreased sharply, signaling a possible bullish outlook.

Although back in June, when prices collapsed, traders increasingly moved funds to derivatives exchanges. CryptoQuant said that since Bitcoin has not broken the June low of $17,600 and the trend is about to reverse, intense selling pressure is less likely.

Traditionally, futures trading seems more attractive to BTC traders than spot trading due to the significant leverage ratio. Nevertheless, selling pressure in the futures market is decreasing, according to the report.

Nevertheless, Dan Lim, a CryptoQuant analyst, believes that “it is still too early to give up hope of an uptrend at the turn of the year.” According to him, most people will reject a bullish analysis because of what the macro data suggests.

Meanwhile, the crypto market has been quite stagnant in recent days as the most popular cryptocurrency. Bitcoin has fluctuated between $19,150 and $19,500 price points. Additionally, (ETH) crossed the $1,300 price point in the last 24 hours, gaining 3% in value.

Additionally, among the top ten cryptos, (ADA) and (XRP) have been the worst performing coins in the last seven days with over 10% price drops. Notably, none of the top cryptocurrencies have achieved a positive price value in the past seven days.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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