Bitcoin has stalled in the high-$11,000s over the past few days after the cryptocurrency faced its second rejection at $12,000. As of the time of this article’s writing, the cryptocurrency trades for $11,650. This is a price above critical support levels such as $10,500 and $11,500, but it is clear that the uptrend Bitcoin was embroiled in has slowed.
Chart of BTC's price action over the past two weeks from TradingView.com
Derivatives data, though, suggests that the leading cryptocurrency may soon move higher.
In 2017 and 2018, derivatives did not have a large effect on the Bitcoin market. But as …