As the price of Bitcoin (BTC) breaks past $11,100 on Sep. 19, whale activities and Bakkt’s all-time high volume suggests strengthening momentum. The 4-hour price chart of Bitcoin. Source: TradingView.com According to CryptoQuant’s Ki Young Ju, fewer whales have been sending BTC to exchanges. Historically, the data indicates less selling pressure from high-net-worth Bitcoin holders. Simultaneously, the daily volume of Bakkt’s institution-focused Bitcoin futures market achieved a record high. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates BTC trades for institutions. The Bitcoin whale activity and Bakkt’s record volume suggest that both whales …

Bakkt, a regulated platform for crypto asset custody and trading owned by Intercontinental Exchange, has reported record daily trading volumes for its physically-settled Bitcoin (BTC) futures contracts. On Sept. 16, Bakkt announced that more than $200 million worth of BTC contracts had been traded over a single day — breaking its previous record by 36%. According to crypto market data aggregator Skew, the record figure is roughly double the average daily volumes posted throughout September so far. Despite being touted as the likely catalyst for an institutional-led bull market, Bakkt’s Bitcoin derivatives failed to meet the expected impact, seeing sustained …

Since Sep. 5, many trades in the Bitcoin (BTC) futures market have been seemingly net short. As the majority of placed bets against BTC, the funding rate of BTC futures contracts turned negative. But in the last 30 hours, the price of Bitcoin increased from $10,211 to as high as $10,878 on Coinbase. The large amounts of shorts in the market are fueling the recovery of BTC for three reasons. The three factors are low funding rates, the likelihood of a short squeeze, and the implications of defending the $10,000 support level. Low funding rates benefit Bitcoin The Bitcoin futures …

Last weekend was incredibly rough for most cryptocurrency investors as massive sell-offs occurred. The price of Bitcoin (BTC) dipped below $10,000 several times but seems to have found short-term support at this level. The primary question for the markets is whether a relief rally is around the corner or further downside movement is expected. Let’s take a look at the charts to determine what might happen next. Crypto market daily performance snapshot. Source: Coin360 Bitcoin clings to $10,000 as a psychological support level BTC/USDT 1-day chart. Source: TradingView The psychological barrier at $10,000 is currently acting as support, indicating that …

The past week has seen a significant sell-off across the markets with Bitcoin (BTC) losing more than 10% of its value. Other cryptocurrencies have been showing even more weakness as Ether (ETH) dropped by 30%. In addition, the commodity and equity markets have also slid as the Nasdaq had a significant red week as well. The next step for the markets right now would be finding a bottom structure. Let’s look at the charts. Crypto market daily performance snapshot. Source: Coin360 Bitcoin seeks CME gap while holding psychological support of $10,000 The daily chart shows that the price of BTC …

Bitcoin (BTC) price dropped by as much as 10% this week and while this might be scary for day traders, the 3-day chart shows the downside move hardly made a dent on the current market structure. This holds especially true when considering that the $12,500 level hasn't been touched in over 13 months. Currently, analysts are making $16,000 price targets partially due to a CME gap and the expectation that U.S. inflation will rise higher. Bitcoin 3-days chart, USD. Source: TradingView The above chart illustrates how insignificant the past ten days of negative performance is from a broader perspective. Bitcoin …

Today’s Bitcoin (BTC) futures expiry was lackluster both in terms of price impact and volume. Open interest dropped by a mere $157 million, barely moving from its $5 billion mark. As CoinTelegraph correctly predicted yesterday, this most recent CME Bitcoin futures expiry was irrelevant. Some $125 million worth of August contracts were set to liquidate today, although preliminary data indicates less than $40 million were not rolled over for the upcoming months. Total open interest, USD million. Source: Bybt.com & CoinTelegraph The chart above shows the total open interest change over the past 24-hours, although the data includes inverse swaps …

Bitcoin (BTC) will “explode” in price once it hits $13,000, one trader believes as Bitcoin futures trade at 6% above spot price. In a tweet on Aug. 18, the derivatives trader JSterz highlighted “extreme” Bitcoin futures spreads as a sign that an intensely strong bullish advance may soon arrive. Trader: “This thing is going to explode” Currently, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280. “It seems extreme to see BTC-Mar21 trading 6% above spot,” JSterz summarized. “We have been at this level about four times since 2017. If …

Today the open interest on Chicago Mercantile Exchange Bitcoin (BTC) futures reached a new all-time high at $841 million. Although this can't be deemed bullish on a standalone basis, it does signal that professional investors' interest in Bitcoin continues to grow at an immense rate. Further proof of this comes as MicroStrategy, a Nasdaq-listed company worth more than $1.2 billion, announced the acquisition of 21,000 Bitcoin for $250M. This shows that regardless of what critics have said about cryptocurrencies, savvy investors and entrepreneurs have recently built sizable positions in Bitcoin and some altcoins. CME Bitcoin futures open interest in USD …

Bitcoin (BTC) has been in a fairly strong bullish trend since mid-March when the price rebounded from the massive crash which saw the price drop as low at $3,600 on some exchanges. Regardless of whether one is tracking the price on a 3-hour chart or the weekly timeframe, the price has steadily steamrolled higher, culminating with a test of $12,100 on August 2. Technically, there hasn't been a lower low ever since the 2-day 50% shakedown which saw the price testing the sub-$4,000 level. Bitcoin USD 3-day chart. Source: Skew Sometimes it's hard to recognize such longer-term movements as the …

The sudden $1,500 drop in Bitcoin (BTC) price on August 2 caused over $1 billion worth of liquidations on futures contracts and also led to a sharp decline in the price of many top altcoins. This massive figure represents 18% of the total $5.6 billion open interest and undoubtedly caused the exaggerated move down to $10,560. Interestingly, futures open interest recovered half of this loss in less than 48 hours, and currently sits at $5.2 billion. Meanwhile, derivatives indicators like contango (basis), funding rate, options 25% delta skew, and the put/call ratio are mostly unscathed. Despite such a hefty price …

Bitcoin (BTC) rose to fill a significant gap in its price history on Aug. 3 as bulls remained in control and took BTC/USD towards $12,000. Data from price charts including Coin360 showed the largest cryptocurrency rising once more on Monday, after a correction to $11,000. Daily cryptocurrency market snapshot from Coin360 BTC price targets $11,500 and higher Earlier, Monday trading began with a $150 “gap” in Bitcoin futures markets on CME between $11,450 and $11,600. As Cointelegraph reported, anticipation immediately built around Bitcoin rising to fill the void, in line with historical tendencies over the past year. BTC/USD 1-day price …