CME Bitcoin Futures Hit $10K as BTC Price Finally Nears Five Figures

Published at: Feb. 7, 2020

Bitcoin (BTC) crossed the $10,000 mark for swathes of institutional investors this week as markets looked increasingly likely to surge higher still.

Bitcoin 7-day price chart. Source: Coin360

CME reaches $10K per Bitcoin

Data from CME Group’s Bitcoin futures shows the implied price of Bitcoin reaching the symbolic five figures on Feb. 6. 

Since then, a slight correction has sent BTC/USD a shade lower — it currently trades at $9,800, while CME’s futures are hovering around $9,900.

CME Bitcoin futures 2-week chart. Source: TradingView

Considerable enthusiasm has accompanied sustained price momentum for Bitcoin throughout the past week’s trading. 

After challenging $9,000 support on Feb. 4, an abrupt upward surge saw the largest cryptocurrency reach new local highs of $9,840 — its best position since mid-September.

As Cointelegraph reported, Bitcoin’s year-to-date performance currently stands at more than 35%, second only to Tesla stock in terms of gains since Jan 1. 

Analyst eyes $10K futures close

For Cointelegraph Markets analyst filbfilb, press-time levels represented an important watershed for BTC/USD, with a major move in either direction a strong possibility.

“Overall picture is good going into the close... Would be glorious if CME takes us across 10k into the close,” he summarized to subscribers of his Telegram trading channel on Friday. 

Filbfilb added that he eyed potential support at $9,550 should a sell-off ensue.

Futures markets meanwhile continue to reach new achievements, with fellow operator BitMEX seeing new record open interest for its own futures product — $1.5 billion.

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