CBOE Saw Its Highest-Ever Bitcoin Futures Volumes Yesterday

Two major markets for bitcoin futures contracts saw a major boost in volume on Wednesday. Available market data shows that CBOE saw its highest-ever volume for bitcoin futures since it first debuted the contracts back in December. 18,210 contacts for the May futures were traded, along with 703 for the June contract and 87 for the July contract. No volume was reported for the exchange’s August-dated contract. CBOE Options Institute senior instructor Kevin Davitt, in a social media video posted on Thursday, said that “[the] average daily volume (ADV) runs about…

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Bitcoin Risks Deeper Pullback After Drop Below $9K

After an overnight drop, bitcoin looks to have found acceptance below $9,000 and risks a deeper pullback, the technical charts indicate. The cryptocurrency hit a one-week low of $8,652 on Bitfinex earlier today and is now trading at $8,700. The 10-percent decline from the weekly high of $9,767 on Wednesday has neutralized the immediate bullish outlook. Further, the failure to hold above the key technical levels – descending (bearish biased) 100-day moving average (MA) of $9,126 and the double top bearish reversal neckline of $9,280 – will be discouraging for…

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$10K on Hold As Bitcoin Sees Price Pullback

Having rallied more than 50 percent this month, bitcoin is now witnessing a pullback. The cryptocurrency rose to $9,767 on Bitfinex earlier today – the highest level since March 12 – before falling back to $9,100. As of writing, bitcoin (BTC) is changing hands at $9,125. The 6.8 percent drop from the intraday highs signals bullish exhaustion near the gradually ascending (bullish biased) 200-day moving average (MA) at $9,835. Furthermore, the 4-hour chart below shows scope for a deeper pullback ahead. 4-hour chart The indicated bearish engulfing candle (price action engulfed…

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Bitcoin Price Climbs to 40-Day High Above $9,200

Bitcoin’s price climbed above $9,200 on Tuesday to hit a 40-day high, according to data from CoinDesk’s Bitcoin Price Index (BPI). Following a steady increase over the past week, the price of world’s largest cryptocurrency by market capitalization jumped above $9,000 soon after the morning trading session began around 00:30 UTC, after which it continued to climb up to as high as $9,220.97 at around 2:00 UTC. The price is at its highest point since March 14, when bitcoin dropped $800 within one trading day to reach a one-month low around…

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Bitcoin Struggles Above $9K as Bull Breakout Stalls

Having witnessed a major bullish breakout, bitcoin (BTC) is now struggling to find acceptance above the $9,000 mark. The cryptocurrency crossed the long-term descending trendline (drawn from the Dec. 17 high and Jan. 6 high) in a convincing manner and closed well above the resistance at $8,459 on Friday, signaling a bearish-to-bullish trend change. However, in the last 48 hours, BTC has struggled to hold on to gains above $9,000 over the weekend, indicating bullish exhaustion around the key resistance. As of writing, bitcoin is changing hands at $8,940 on…

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$10K Test? Bitcoin Price Hits 4-Week High As Altcoins Shine

Bitcoin hit four-week highs in Asian hours but continues to underperform when compared to alternative cryptocurrencies (altcoins). Having scaled a long-term bearish trendline, the world’s largest cryptocurrency by market capitalization rose to $9,021 at 07:30 UTC – the highest level since March 22, according to CoinDesk’s Bitcoin Price Index (BPI). As of writing, bitcoin (BTC) is changing hands at $8,700 – up 34 percent from the April 1 lows below $6,450. The market capitalization hit a one-month high of $152 billion earlier today and was last seen at $148 billion,…

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Stellar Run: XLM, IOTA, ADA Spike in Good Week for Altcoins

Alternative cryptocurrencies shone bright this week, as the wider cryptocurrency market saw continued resurgence. The total market capitalization of all cryptocurrencies rose 25 percent week-on-week to $375 billion, according to CoinMarketCap – that’s up from below $250 billion just 10 days ago. But bitcoin, with 5.4 percent appreciation over the last seven days, ranks only third from last in the list of the biggest gainers among the top 25 cryptocurrencies by market cap this week. Meanwhile, the bitcoin dominance rate fell from 42.8 to 38.5 percent, indicating a drop in the percent…

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Bitcoin Bull Trap? Not So, Says Lesser-Known Price Indicator

Is the reversal of a lesser-known bitcoin price indicator signaling a bull trap? That’s the question being asked by Twitter’s more expert crypto analysts after bitcoin’s rise to $8,500 this week, a figure that’s up more than 25 percent since its early April lows. As such, many investors and traders are wondering if the market’s rally, propelled largely by a single day of strong gains, is over (if only for now). Stepping back, the indicator in question, ETH/BTC, which tracks the value of ether against bitcoin, has been behaving oddly of…

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Bitcoin Resistance Rises to $8,460 After Unconvincing Breakout

Bitcoin (BTC) saw small gains last night, but the weak move did little to further the bull case. The target resistance level to beat yesterday (long-term descending trendline) was $8,285. A high volume close (as per UTC) above that mark would have signaled a long-term bullish trend reversal. The daily chart below shows bitcoin closed yesterday at $8,273 on Bitfinex, meaning the breakout remained elusive. However, a new 24-hour candle (as per UTC) opened above the descending trendline support (seen today at $8,230), creating a false picture of a bullish…

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$8,300: Bitcoin Seeks Direction at Key Price Hurdle

Bitcoin (BTC) remains in bullish territory today, but a major break above the long-term descending trendline has been elusive. That failure on the part of the bulls means the cryptocurrency needs a major move above $8,300 soon to lessen the risks of another sell-off. The trendline resistance is around $8,285 currently. However, soon before press time, BTC was closing in on that target level and changing hands at $8,226 on Bitfinex (up 1.4 percent on a 24-hour basis). So, the next few hours are likely to determine the pattern going…

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