Academy Trading Ideas Article

Bitcoin Rallies Overnight Sparking Bullish Optimism: Crypto Market Daily

2020.06.03 adamokex

In the last 24 hours, crypto asset markets soared and green filled the screen. All of the top 30 coins are in the green, including stablecoins. 

The Bitcoin (BTC) price shot up from $9,550 to above $10,000, gaining 6.25 percent and reaching a three-month high, as per OKEx’s BTC Index Price. Trading volume was significantly amplified, with 24-hour BTC futures volumes on OKEx hitting $4.87 billion. Bitcoin’s open interest on OKEx has accumulated to $1.07B, which is the only exchange reaching over one billion, as per Skew data. Bitcoin is currently trading around $10,100 (11:00 UTC). 

The total cryptocurrency market capitalization rose nearly six percent to $286 billion and Bitcoin dominance is sitting at 65.1 percent, per CoinGecko data.  

Most large-cap cryptocurrencies outperformed Bitcoin. Notable movers are Bicoin Cash (BCH) and Litecoin (LTC), which surged 10.91 percent and 7.73 percent, respectively. 

OKEx Token Index Board (as of 11:00 UTC). Source: OKEx

Top Gainers and Losers

  • GAS/USDT +21.38%
  • NEO/USDT +13.12%
  • DCR/USDT +12.82%
  • PAY/USDT -3.02%
  • HYC/USDT -3.15%
  • BNT/USDT -3.65%

According to OKEx Spot data, GAS is the top gainer over the last 24 hours — with a 21.38 percent return. Other top gainers are NEO and DCR

BNT is the biggest loser over the last 24 hours, having lost 3.65 percent. 

Multiple trading data indicators show recent highs

Looking at OKEx trading data, we have seen bullish sentiment sweep across the market overnight. The BTC Long/Short Ratio spiked from 1.2 to a recent high of 1.76, indicating many retail traders opened long positions during the rally.  

BTC Long/Short Ratio in the last 24 hours. Source: OKEx

Meanwhile, the quarterly futures BTC Basis reflects an optimistic outlook since the premium has been widening from $60 to over $130. Moreover, BTC’s Margin Lending Ratio jumped from 3.5 to 7.0, showing that spot market buying has been the main driver. 

BTC Margin Lending Ratio in the last 24 hours. Source: OKEx

USDT transfers to exchanges reach an all-time high

According to Glassnode data, the number of USDT transfers to exchanges spiked overnight, hitting an all-time high of around 20,000. Glassnode noted on its Twitter: “Given that the inflow exchange volume did not significantly increase, this implies a large amount of small-sized Tether deposits.”

This kind of retail FOMO is in line with our observation above that the BTC Long/Short ratio increased quickly during the rally. 

Number of USDT Exchange Deposits (7d SMA). Source: Glassnode

Bitcoin technical analysis

Yesterday, the Bitcoin price made a downward movement in the morning (UTC), but it did not break the recent key support level of $9,450. The rally started around 8 PM UTC, and has been much stronger than expected. 

The current price is already close to a long-term downward pressure line connected by the 2017 and 2019 peaks. 

The intraday threshold is around $10,200. If the Bitcoin price can hold above this level, we may see a test of yearly high of $11,050, as per OKEx BTC Quarterly Futures (BTCUSD20200626) price.

OKEx BTC Quarterly Futures (BTCUSD0626) 4H chart. Source: OKEx

Ethereum technical analysis

Ethereum is still maintaining good momentum after outperforming Bitcoin for several days. The intraday threshold is around $247. Upper resistance is near $260. 

OKEx ETH Quarterly Futures (ETHUSD0626) 4H chart. Source: OKEx


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary


OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals. Follow OKEx Insights on Twitter and Telegram.

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