Psychological mark of $7,000 again overcome.
Despite the fact that last week the Commission on securities and exchange Commission (SEC) rejected nine proposals to issue a bitcoin ETF, the bitcoin price was able to overcome the psychological mark of $7,000 and at the moment continues to grow.
The price of bitcoin went up last week, but then it “dropped” closing short positions on multiple exchanges (together with statements of the SEC), which led to short squeeze a situation in the market. But if the price of bitcoin falls or rises, and the entire market follows it, changing investor sentiment.
Price short positions, where traders bet that a certain asset will fall in price, rose, but she resisted the bulls, whose pressure pushed the price of such items upwards. However, such a fight of bulls and bears in the market could not be eternal, and was completed with the publication of a report called the Commitments of Traders (COT) published by the Commission on trade in commodity futures of the USA. The report says that the volume of the futures market decreased to 1,266 deals. Short positions opened only 3,426 of the player, which suggests that the market was already on 210 contracts less, while a long position opened 2,160 players (56 contracts more than last week).
Bitcoin and crypto-analyst Brian Kelly said in an interview with CNBC that, according to statistics from the CME exchange, now the market shows high demand for bitcoin. Also, the analyst added that the expectation of a positive decision by the SEC issue a bitcoin ETF in February will lead to an influx of capital into the market of bitcoin.