XBT/USD Analysis: Bitcoin Short-Term Trade Ideas – BitMEX Margin Trading

bitcoin price
bitcoin price

XBT/USD Analysis: Bitcoin Short-Term Trade Ideas – BitMEX Margin Trading

  • Bakkt first day of trading Bitcoin futures fails to magically crop up Bitcoin market.
  • Bitcoin lacks fundamentals to sustain gains towards $10,000; possible retreat to $9,200 before the next sustained breakout.

The newly launched Bakkt Bitcoin futures delivered in digital currency failed to cause the anticipated stir in the market. I guess it was wrong to think that on day one, the new product will work magic on Bitcoin price. Because instead of a comeback above $10,000, Bitcoin retested last week’s support area at $9,600. At the end of the launch, Bakkt said that it has recorded 72 BTC in the sale of monthly contracts worth more than $600,000. This volume is expected to increase over time as institutional investors dive into the regulated product.

XBT/USD, on the other hand, is stable slightly above $9,700 after a minor correction from Monday lows. Most technical levels are strongly bearish amid a desire by the buyers to see the price above $10,000. The moving average convergence divergence (MAC) is not only stuck in the negative zone, but it is also extending to lower levels (currently at -121.1). A negative divergence of the MACD says that the sellers’ grip is still strong. This means that for significant correction north, the bulls must put in the extra effort.

XBT/USD 4-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview

The four-hour chart shows the price below the moving averages. The 50 MA has crossed under the longer-term 100 MA at $10,268 could see a lower consolidation for the crypto assets. Besides, the 50 MA will limit upward movement at $10,065 while the 100 MA will hinder growth at $10,184.

Bitcoin volatility is still low despite the lower correction. This means that there are limited trading opportunities. However, the low volumes suggest that correction towards $10,000 will be an upside task. Besides, even if it happens Bitcoin will not be able to sustain the growth. For now, $9,200 is possible entry zone likely to results in profits amid fresh demand to push Bitcoin above $10,000 and $10,400 hurdles respectively.

XBT Key Levels

Spot rate: $9,730

Relative change: +44

Open: 9,688.14

High: $9,774.36

Low: $9,599.85

Volatility: Low

Volumes: Low

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XBT/USD Analysis: Bitcoin Short-Term Trade Ideas - BitMEX Margin Trading
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XBT/USD Analysis: Bitcoin Short-Term Trade Ideas - BitMEX Margin Trading
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Bakkt first day of trading Bitcoin futures fails to magically crop up Bitcoin market. Bitcoin lacks fundamentals to sustain gains towards $10,000; possible retreat to $9,200 before the next sustained breakout.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 242 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @