While the market cap of bitcoin has stayed relatively stable over the last two months, things might change if there is a volatility-induced move soon.
As for the RSI, there hasn’t been any change either. Although for a brief moment RSI wandered below the 45-line, it has climbed back above it.
This sideways trend with little or no volatility will eventually blow over leading into a massive volatility-induced move, as mentioned above.
Since its 2017 bull run, bitcoin has been forming large consolidation patterns in the form of descending triangles. …
Although CME was not the first to launch Bitcoin futures, it has maintained its dominance in the field. At press time, the 24-hour trading volume of BTC futures on CME was around $270 million.
While CME caters to all individuals, institutional investors flock to CME’s Bitcoin futures, mainly due to privacy and security. Other players in the futures arena include Deribit, Binance, Kraken, FTX, etc.
Although the daily futures volume by Binance, BitMEX, Bitfinex, etc are in the billions, Bitcoin futures by CME seems to be playing an important role in the price discovery of Bitcoin.
The chart shows trading data for CME Bitcoin futures, however, unlike the spot market, CME markets are closed on weekends, hence, there is a gap formed during these days. Since Bitcoin spot markets trade during the weekend, CME traders miss out on the price action. …
On a daily time frame, bitcoin has seen a massive resistance at $10,500 level. After getting rejected twice above the $10,000 range, the price has managed to form a bearish pattern — ascending parallel channel.
From the above, it can be observed that the pattern has been in formation since the crash in March 2020. The pattern showed signs of invalidation as the price breached the pattern on May 07. However, this breach was brief and the price returned into the pattern.
At press time, bitcoin is trading at $9,500 after suffering a slip down to the $8,800 range. This $600 slip, on June 15, caused liquidations worth $52 million with sell liquidations suffering the most [$34 million]. …