Bitcoin price analysis: BTC/USD holds above $9,200; CBOE registers record trading volume for BTC futures
|- Bitcoin sticks to $9,200 amid quiet trading session on Friday.
- CBOE registers record trading volumes for Bitcoin futures.
Bitcoin is trading marginally above $9,200 amid quite trading at the end of the business week. Slow trading activity is partially explained by the fact that many traders will be off for an extended weekend due to spring holidays.
Meanwhile, the popularity of Bitcoin futures is growing exponentially, according to the data published by Chicago Board Options Exchange (CBOE). The number of trades exceeded the average daily amount nearly three times on April 25 when Bitcoin touched the highest level since mid-March before crashing 10% by the end of the day.
"#Bitcoin futures liquidity continues to build. A record of more than 11,000 contracts (56,010 equivalent bitcoin) traded Wednesday. April average daily volume is currently 3,716 contracts, up 44% vs. March," according to CME Twitter post.
This data may signal growing interest to Bitcoin-based financial instruments from institutional and mainstream investors that are eager to gain crypto market exposure.
Bitcoin technical picture
On the hourly chart, the near-term upside is limited by $9,300, a sustainable move above this level will unleash bullish potential and take the coin towards $9.700 where fresh selling orders are clustered. On the downside, a break below $9,160-$9,000 will return us to $8,700 and $8,400.
BTC/USD, the hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.