Two of the largest cryptocurrency, Bitcoin and Ether, have been performing well and are in the bull market for a long time. Derivatives market data has claimed that both Bitcoin and Ether Futures contracts are showing the same bullishness.
Surprisingly, it has been seen that Bitcoin is trying to reach its all-time high, currently sitting at the $18,800 level. Along with this, Ether is also entering another rally ahead of ETH 2.0 launch. This is quite evident in the options market as Bitcoin and Ether Futures are showing great progress.
Bitcoin and Ether Futures Stands Strong With Bullish Expectations
Both the Bitcoin and Ether futures are currently in a position that indicates some highly bullish expectations. Ether futures basis is currently in between the range of 10% and 20%, which is now indicating highly bullish expectations.
Bitcoin futures are also performing similarly despite the recent fall in its price. It must seem that BTC options traders might be seeing Bitcoin as less optimistic due to its negative performance. However, this is not the case as Bitcoin options traders are still highly optimistic about its performance. This seems that there is not any kind of disturbance in the derivatives market sentiments.
Bitcoin Recent Price Action Leading to Bearish Interpretations
Even though Bitcoin price action should be seen in the long term to know the better picture, some traders prefer a shorter time frame. Now for all those who are looking for a shorter time frame, they might see a bearish outlook ahead. Meanwhile, other investors are quite aware of its unpredictable nature and prefer to stick with their bullish expectations. At present, nothing could be said about the Bitcoin price movement, but a lot of analysts still believe that it will be able to make it to the all-time high.