The price of Bitcoin (BTC) has seen a great week with a surge to $11,700. After two months of consolidating inside a range, the price of Bitcoin finally broke through the psychological barrier of $10,000 and currently faces the final hurdle before the bull market can start. Most often, people become bullish once they see green candles, with which extraordinary targets can be found on social media. Can these be justified or is a cool-down period more likely in the near term? Cryptocurrency market daily snapshot 1/8/2020. Source: Coin360 Bitcoin closes one-year-old CME gap and faces significant resistance As Bitcoin’s …

Bitcoin (BTC) futures trading has been on a high since July 21 with both the Chicago Mercantile Exchange and Bakkt seeing sizeable increases in volume and open interest for their contracts. This resurgence in BTC futures comes as the spot market value of the largest crypto by market capitalization reached a new 2020 high. Two months on from the May 2020 halving event, BTC has begun to show signs of the anticipated bullish advance. Bitcoin usually sets a new all-time high in the year following a block reward subsidy decrease, with BTC optimists stating the trend will continue. Amid the …

The price of Bitcoin (BTC) has surpassed $11,600 for the first time in 12 months buoyed by rising market sentiment. As BTC/USD demonstrates strong momentum, investors believe there is little resistance until $15,000. Cryptocurrency market daily snapshot. Source: Coin360 Bitcoin rose to as high as $11,763 on BitMEX in a sudden weekend price move. It also “filled” the CME futures gap at around $11,630, which typically does not happen during the weekend. Little resistance between $12,000 and $15,000 Meanwhile, Kyle Davis, the co-founder of Three Arrows Capital, suggests that the weekend price action has not even started. He notes that …

Intercontinental Exchange subsidiary, Bakkt, is reporting record numbers of trades for its monthly Bitcoin futures contracts as BTC prices made a new high for the year. The institutional investing platform reported its highest ever figure for Bitcoin monthly futures on Jul. 28 with 11,506 contracts — an increase of 85% over the previous record. The move followed a surge in the underlying asset’s price to a 2020 high of $11,400. On July 29, Bakkt topped the new record with 11,706 contracts traded. “Talk about momentum! We beat yesterday's record with 11,706 Bakkt Bitcoin Futures traded today - that's over $125MM …

Bitcoin (BTC) price finally woke up and surged to a new 2020 high but as the markets surged past $10,000, some traders seem to have opened excessively leveraged long positions. This effect became more noticeable as the funding rate for perpetual contracts reached the second-highest level this year at 12.4% per month. Funding alone shouldn’t be considered a red flag, especially in short-term periods. The problem lies mostly in contango, also known as futures basis, which has been unusually high in the past couple of days. This indicates that professional traders are highly leveraged on the buy-side. Most of those …

There are few indicators capable of accurately detecting professional traders’ sentiment on Bitcoin (BTC). To ascertain whether or not market participants are positioned in a bullish or bearish manner, analysts usually rely on technical analysis and derivatives markets, although those usually mix retail flow. More recently some exchanges created internal metrics exclusively measuring top traders positions. Looking at exchange-provided data highlighting traders’ long-to-short positioning, one can see that the indicator currently shows a 30-day high on the long/short positions at Binance. Despite launching its futures platform only ten months ago, Binance is a top-5 contender with $430 million BTC open …

Bitcoin (BTC) derivatives have returned to the spotlight this week as price moves appear to spark a surge in open interest. Data from on-chain analytics resource Skew showed open interest for CME Group’s Bitcoin futures nearing record highs in U.S. dollar terms this week. Bitcoin futures open interest passes $450M After falling following Bitcoin’s block subsidy halving in May, the downtrend continued through last month before rebounding over the past seven days. Daily volume easily topped $300 million during the week, while open interest passed $450 million and was on course to top its all-time high of $532 million at …

Bitcoin (BTC) futures were worrying analysts on July 10 as volume data suggested serious weakness and the potential for a major pullback. Uploading a weekly chart of CME Group’s Bitcoin futures to Twitter, Cointelegraph Markets analyst filbfilb did not mince his words describing the current climate. Filbfilb: BTC futures “almost identical” to March “Looks bad,” he summarized, noting that a volume indicator had returned to an identical setup as the week before Bitcoin crashed to $3,600 in March. “Almost identical positioning as the big drop last time and a clear descending triangle full of wicks at resistance, trading below (point …

Bitcoin (BTC) options continue to see record open interest this week with a $1 billion expiration just one day away. According to data from on-chain analytics tool Glassnode and others, demand for options continues to underscore the uncertain market mood. CME Bitcoin futures open interest beats record On June 25, open interest in Deribit Bitcoin futures hit three-month highs of $98 million, while options open interest now stands at $1.2 billion. The overall derivatives gains have been broadly driven by options demand — something that speaks to investors’ confidence in the Bitcoin price trajectory for the rest of 2020. As …

Cryptocurrency exchange Binance has launched a new Bitcoin (BTC) futures product despite institutional investors showing fresh uncertainty about the future. In a blog post on June 11, Binance revealed its quarterly futures contracts had gone live, with settlement due in September. Binance quarterly futures go live The move marks Binance’s latest venture into Bitcoin derivatives, a market currently dominated by fellow exchanges OKEx and Huobi. Users will be able to deploy up to 125x leverage, with the rollout first being desktop only before a mobile version comes online. Speaking to Bloomberg, CEO Changpeng Zhao, said that user demand had fuelled …

Bitcoin (BTC) derivatives interest is putting in “fast” growth this quarter — and CME Group is leading the way for options, new data shows. According to monitoring resource Skew, the past weeks have seen CME dramatically increase its share of open interest for Bitcoin options. CME market dominance on the up Open interest refers to the total derivative contract volume, which has not yet been settled. CME had already set all-time highs in early May but has since increased its presence dramatically. As of June 4, open interest stood at $256 million, just $3 million short of all-time highs. By …

Cryptocurrency exchange OKEx announced the launch of Ether (ETH) options contracts on its trading platform. According to a June 4 announcement, following today’s launch of ETH options, OKEx will also launch EOS options contracts on June 18. The firm also announced that it placed 1,000 ETH in the ETH Options insurance fund to prevent clawback. OKEx promotes options as a trading risk hedge Per the announcement, options allow traders to buy or sell the underlying asset to hedge risk and maximize profits. The announcement explains how the contract differs from futures: “Different from futures, holders don’t have to buy or …