Bitcoin price hits $17,000 as U.S. lawmakers request information from six crypto exchanges and negative news continues to batter the crypto market. noshitcoins explains why traders are turning bullish.
Binance shut its operations in Japan in 2018 after being warned by the Japan Financial Services Agency for operating without a license. The acquisition of Sakura Exchange BitCoin would mark the re-entry of Binance in the Japanese market.in Italy and Greece on Nov. 30. The exchange was granted registration as a virtual currency operator with Italy's payments services regulator. Gemini was approved as an exchange and custodial wallet provider in Greece.
During these events, Bitcoin has been trying to break above $17,000 for the past eighteen days, so some selling pressure clearly remains above that level. Still, the present 0% premium is far from the 4% threshold for bullishness, indicating professional traders' reluctance to add leveraged long positions.
Similarly, OKX displayed a modest increase in its long-to-short ratio, as the indicator moved from 0.98 to the current 1.03 in two days. The metric slightly declined to 1.02 at the Huobi exchange and this shows that traders did not become bearish after the latest resistance rejection.Traders should not conclude that the absence of futures premium reflects worsening market conditions because the broader data from the long-to-short ratio has shown whales and market makers adding leverage longs.
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