Tanya Abrosimova
Independent Analyst
- BTC/USD keeps ground above $4,000.
- Bitcoin may be volatile ahead of March futures expiration.
Bitcoin (BTC) is changing hands at $4,020, mostly unchanged since this time of Thursday. The first digital currency managed to stay above $4,000 handle, which is considered as a positive short-term signal. However, BTC/USD is not completely out of the woods until it is confidently above $4,200.
What’s going on
Considering that it is an expiration day for CME’s March Bitcoin futures, the trading session might be a bit more volatile. Trading terminates at 4 PM GMT, which means we are in for an exciting week ending.
It is also worth noting that CBOE ditched Bitcoin futures. Earlier this month the trading platform announced that they wouldn’t launch new Bitcoin futures this month.
Bitcoin’s technical picture
Looking technically, BTC/USD is trading in the middle of an upside channel visible on the 4-hour chart. A sustainable move above $4,040-50 will allow for an extended recovery towards the channel resistance and February high at $4,186.
On the downside, the local support comes at $4,000 followed by $3,978 (SMA50 4-hour). Once it is out of the way, the downside may continue towards $3,900. This strong barrier is created by a confluence of SMA200 (4-hour) and the channel support.
BTC/USD, 4H chart
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