Market watch: Bitcoin was blocked at $10,000 again

Just 2 hours ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday’s candle. The cryptocurrency fell short of the key $10,000 price point, since retracing to $9,900.

BTC 4 hour chart | Source: Tradingview

BTC has received support at $9,200 since last week, but two attempts of $10,000 failed. However, the lowest prices of the two previous falls are constantly rising and the expectation of a short-term breakthrough of $10,000 is rising.

This move has not sparked much a reaction from the derivatives market, potentially because short traders were expecting the ongoing rally, and thus deleveraged their positions. Skew.com data indicates that a mere $5 million was liquidated during this upswing — far less than other liquidation events over the past two weeks.

BitMEX liquidation data from Skew.com

ETH finally broke through the resistance of $210 and its current price is above $210, which is the range of the sideways in the last two weeks and has a significant impact on ETH.

The expectation of contract market shifted to long. The rate of the contract market has become more stable since last week. Starting from the last week, the perpetual contract is always at a positive rate. However, since last night, the premium of the quarterly contract has significantly increased. Today, this premium once reached $ 136, which reveals the weakening of market bearish sentiment.

USDT OTC price is 7.02, which is a further decline from last week.

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