Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today

bitcoin

Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today

Bitcoin price is registering bullish sentiments right now as it manages to cross $6,800 at one point today while having the daily trading volume of $5.16 billion. However, with CME bitcoin futures last day being today, Bitcoin price can take a drop.

Will Bitcoin see a drop? seems unlikely!

The crypto market is doing well right now with greens in domination. However, today is also the day for CME Bitcoin futures last trade. Usually, when CME futures expire, Bitcoin price takes a dip which is yet to even take effect this time which just might suggest we might not see any red.

At the time of writing, Bitcoin has been trading at $6,616 while being slightly up in the past 24-hours. The world’s leading cryptocurrency is managing a hike in its daily trading volume at $5.16 billion. Today’s trading range of Bitcoin has been from $6,587 to $6,826.

bitcoin
Bitcoin 1-day price chart, Source: TradingView

Previously, whenever Bitcoin futures expiration came on, the prices took a hit. For instance, on February 23rd, the day of futures expiry, prices went down from $11,418 to $9,756 as shown in the chart below.

bitcoin
Bitcoin price chart for February 22-24, 2018 Source: Coinmarketcap

However, last month on August 31, the day of CME Bitcoin Future Last Trade date, the prices weren’t as affected, though they do take a dip initially.

btc
Bitcoin price chart for August 30-September 1, 2018, Source: Coinmarketcap

Also, read: Crypto Industry Demands Regulators a Clear, Firm and Accommodative Policy that Supports Cryptos

A bullish view? positively!

So, it seems unlikely that Bitcoin price will take a drop, however, a bullish scenario is surely on the horizon once this futures expiration passes, to be on the safe side.

Crypto trader Eric Choe shares both the sides of the coins with his Tweet:


Meanwhile, cryptoanalyst, Squeeze is certainly bullish as he shares, “Everyone and their grandma are bullish right now,” before further adding:


Moreover, according to the relative strength index (RSI), Bitcoin is up for an extended bull run. Bloomberg reported,

“Based on an analysis of RIG trend lines, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum gauge crossed the relative strength index (RSI) gauge, which could be indicating a positive price movement is on the horizon. Bitcoin’s price rose the past three times the two gauges crossed.”

At the moment, the market is reflecting bullish views which means first $8k and then $10k seems to be the most likely the mark Bitcoin will achieve in the short term.

Summary
Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today
Article Name
Bitcoin Bears Incoming? CME Bitcoin Futures Last Trade Today
Description
Bitcoin price is registering bullish sentiments right now as it manages to cross $6,800 at one point today while having the daily trading volume of $5.16 billion. However, with CME bitcoin futures last day being today, Bitcoin price can take a drop.
Author
Publisher Name
COINGAPE
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Sagar Saxena

Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com

Post your comment...
Sagar Saxena 209 Articles

Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com

Follow Sagar @