He saw $ 50k in the Bitcoin futures market

Bitcoin (BTC) price has surpassed $ 50k for the first time on major futures exchanges including Binance Futures.

However, it was rejected for just under $ 50,000 on spot exchanges such as Bitcoin, Coinbase and Binance.

Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)

1-hour candlestick chart of the BTC / USD pair (Binance Futures). Source: Tradingview

Why is the rise possible?

Bitcoin price rose as high as $ 49,556 on Coinbase on Feb. 16, and it was the second time it attempted to break the $ 50K resistance.

BTC fell by around 3.5 percent within a few hours of reaching this level.

CryptoQuant CEO Ki Young Ju explained that Bitcoin’s effort to surpass $ 50,000 is related to “Coinbase whales (USD) and Stablecoin whales (USDT)”.

Coinbase premium index. Source: CryptoQuant

He stressed that the Coinbase premium was negative when Bitcoin was rejected at $ 50,000 this morning. The CEO said that for Bitcoin to beat this level, the negative premium must settle.

The Coinbase bonus has stabilized since the first rejection and coincided with Binance’s Tether price.

While Coinbase often has a higher Bitcoin price than Tether, the premium has turned from negative to neutral.

Expert investor Lex Moskovski thinks that the start of the US session could trigger a new rally for Bitcoin as the Coinbase premium shows improvement.

Moskovski, stated that:

“Unlike Coinbase, its rise to $ 50,000, the buying pressure of Binance and other exchanges continues to dominate. This can be seen in the decreasing Coinbase premium. On the other hand, it could mean that Coinbase buyers can join the race as the session begins in the US. We’ll see.”

Popular investor Mac could also raise his BTC above $ 50k, then a correction to around $ 42k, creating a new level of support. Put forward.

Possible Bitcoin scenario. Source: Twitter @Macnbtc

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