Rare signals coming from derivatives markets echo the start of previous Bitcoin price run-ups, but a bearish retest of support could come first, says Decentrader. Bitcoin (BTC) has a “possibility” of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand. In its latest market update on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action. Derivatives turn complementary After rallying above $45,500 on the back of United States economic data, BTC/USD has since dropped back into the range that has defined it this week. For Decentrader, the chances of a low-timeframe decline are there, even if on-chain metrics are putting in rare bull signals. “Bitcoin is at a relatively neutral level with clear zones of resistance and support above and below,” the update summarized. Acting in bulls’ favor is sentiment, now in “neutral” rather than “fear” territory, and encouraging signs from derivatives markets — low funding r...