Bitcoin has seen mixed price action in recent times, struggling to surmount $10,000 despite gaining a solid foothold within the $9,000 region
Analysts are now noting that the cryptocurrency appears to be at a turning point as it trades directly between two CME gaps
One analyst is also pointing to the massive BTC premium seen on the CME as a reason why the crypto is highly bullish
Bitcoin saw some turbulent trading yesterday when sellers pushed it to lows of $9,300 before buyers stepped up and catalyzed a movement up to over $9,600.
This choppy price action came about just prior to Bitcoin’s weekly and monthly candle close, and analysts have noted that its ability to close above $9,500 is an overtly bullish sign.
It is important to note that the cryptocurrency now appears to be growing increasingly bullish as it hovers within the mid-$9,000 region.
One analyst is pointing to the fact that Bitcoin’s price on the CME is currently $100 higher than its spot price.
He believes that this indicates that the crypto is bullish at the moment, as futures traders on the platform are willing to pay a premium to have exposure to it.
Bitcoin Consolidates as CME Price Spread Points to Further Upside
At the time of writing, Bitcoin is trading down marginally at its current price of $9,560. This marks a slight climb from daily lows of $9,300 that were set yesterday evening.
As the crypto consolidates within the mid-$9,000 region, analysts are now closely watching to see how it responds to the heavy resistance that it faces around $10,000.
It has been rejected at this price level on multiple occasions, and an inability for it to firmly surmount it in the near-term would be a grim sign.
One factor that could signal upside is imminent for the cryptocurrency is the fact that there is currently a positive price spread between Bitcoin’s price and its CME futures price.
Analysts do believe this is a bull-favoring sign.
“BTC – (CME) futures trading almost $100 above spot Bitcoin price, that’s very bullish, the wider the spread the more bullish the market until it flips,” one analyst noted.
Which Price Level Might BTC Target Next?
As for where Bitcoin may go next, the same analyst also noted that the cryptocurrency’s CME futures gaps may offer investors with some insight.
Although these gaps by no means have to be filled, they are statistically very likely to be filled at some point in the future.
Currently, BTC is trading squarely between two of these gaps, which sit at $7,650 and $11,715 respectively.
“BTC (CME) small gap up on the weekly open. These are the gaps in the 4hr chart that are in need of filling,” the trader said while pointing to the below chart.
Image Courtesy of Big Chonis
Because the price premium on the CME is alluding to underlying bullishness, BTC may move to fill its gap at $11,715 first.
Featured image from Shutterstock. origin »
Rumors that the Chicago Mercantile Exchange (CME), a global leader in derivatives trading and clearing, is planning to introduce spot Bitcoin trading for its clients have impacted the Coinbase share price.
Quick Take The landscape of Bitcoin Futures trading at the Chicago Mercantile Exchange (CME), the largest provider of open interest, highlights some intriguing patterns. Large Open Interest Holders (LOIH) of CME Bitcoin Futures – those traders holding at least 25 contracts open (>125BTC) – registered a count of 131 between Nov.
CME's rise to the top rank highlights the growing institutional demand for bitcoin, as the venue is almost exclusively used by large traditional financial institutions, one analyst noted.
CME's rise to the top rank highlights the growing institutional demand for bitcoin, as the venue is almost exclusively used by large traditional financial institutions, one analyst noted.
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The post How Will BTC Price React to CME Bitcoin Futures Expiration? appeared first on BeInCrypto.
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Bitcoin interest across retail exchanges and derivatives platforms has been surging throughout 2020. The Chicago Merchantile Exchange better known as CME is no different. Over at CME, short positions have recently grown to the same level as the February 2020 top.
Bitcoin futures offered on the Chicago Mercantile Exchange (CME) and its competitor Bakkt rallied as BTC surpassed $7,000, a price not seen since March 11 just before it recorded its biggest drop of the year falling below $3,800.
CME's Bitcoin futures volumes are depleting and so is the Open Interest [OI]. At press time, the volume for Bitcoin Futures on CME [March 06, 2020] was at $88 million. The last time it was this low waThe post Bitcoin Futures volume on CME records new 2020 lows; Coronavirus effect in play? appeared first on AMBCrypto.
Institutional speculators and high net worth individuals on CME have been active in the Bitcoin futures market since the start of the year. Nearing $350 million of open interest and $1 billion of volume, CME has become an important aspect of the Bitcoin market, February 20, 2020.
Bitcoin's 'digital gold' narrative has been crucial to the growth of the world's largest digital asset over the years.
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The global markets company Chicago Mercantile Exchange (CME) has seen considerable demand since launching its options contracts in the wake of the firm’s bitcoin futures. On the first day of swaps, CME’s bitcoin options saw 55 contracts ($2.
The Friday before last, the Bitcoin futures contract on the Chicago Mercantile Exchange (CME) closed the week at $8,715. It was a strong performance, especially considering that on Wednesday of that week, the leading cryptocurrency had plunged to $7,300 in a flash crash event.
Last month, the Chicago Merchantile Exchange Group [CME] had revealed its plans of rolling out Bitcoin Options contracts on existing Bitcoin Futures contracts. The CME has now released specifications for the same.
Чикагская товарная биржа (CME Group) представила спецификации биткоин-опционов, запуск которых ожидается в первом квартале 2020 года. Get ready for the launch of options on Bitcoin futures in Q1 2020.
Last Friday, the Bitcoin futures contract on the Chicago Mercantile Exchange (CME) closed the week at $8,715. It was a strong performance, especially considering that on Wednesday, the leading cryptocurrency had plunged to $7,300 in a flash crash event.
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Bitcoin’s [BTC] recent bullishness has not only had a positive impact on its price and market cap, but also on all its connected entities. This was reflected in recent reports that revealed CME volumes were up by 36 percent since April 2019, and had witnessed a year-on-year growth of 250 percent.
The CME Group released the news that they have experience all-time high trading volumes for Bitcoin Futures on its…
The post CME Bitcoin Futures Volume Rises By 950% In Just 4 days – What Does It Mean For BTC Investors? appeared first on Invest In Blockchain.
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The post CME Group’s Bitcoin Futures See a Surge of Institutional Interest appeared first on Bitcoin News.
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LONDON – A Wall Street analyst known for his bullish stance on bitcoin has flagged the possibility that bitcoin futures contracts could be hurting the cryptocurrencies price. CME Group and CBOE both launched bitcoin futures products in December when bitcoin was trading close to record highs around $20,000. Bloomberg reports that Lee wrote that traders
Bitcoin has seen a major downfall in its market strength over the past week with a drop of about 20% in its price. According to Thomas Lee, the Head of Research at Fundstrat Global Advisors, this steep plunge is due to the expiration of futures contracts linked with Bitcoin [BTC] on Cboe and CME. Lee […]
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