Bitcoin overview: BTC/USD ignores news of Bitcoin futures suspension by CBOE

  • Bitcoin corrected above $3,900 but failed to sustain growth towards $4,000.
  • Bitcoin must sustain growth above $3,900 to give the traders confidence that $4,000 is achievable.

The crypto market has remained unchanged in spite of the news that CBOE is putting Bitcoin futures on hold. Bitcoin has been lethargic below $3,900 since the beginning of this week. Over the last weekend, the asset corrected above $3,900 but failed to sustain growth towards $4,000.

The trading yesterday saw the bulls fall into a bear trap: BTC/USD spiked briefly almost touching $3,900 but quickly turned around canceling the gains. The largest crypto tested the short-term support $3,700 before correcting higher above $3,850.

At press time, Bitcoin is exchanging hands at $3,851 within the 50 SMA resistance and the 100 SMA support 4-hour chart. As discussed before, Bitcoin must sustain growth above $4,000 to give the traders confidence that $4,000 is achievable. However, the traders are likely to get exhausted holding the position above $3,800 and are likely to sell. This is likely to create more supply and less demand. Bitcoin price will react by exploring the levels close to $3,500; a move that will create more demand and reverse the trend upwards.

Meanwhile, Bitcoin is supported by the bullish trendline; other support levels are $3,800 and $3,700. The RSI is horizontal at 51 while the MACD is flat out on at the mean line (0.0). Bitcoin sideways trading is likely to last longer as market activity reduces.

Read more on CBOE Bitcoin futures:

No more Bitcoin futures on CBOE, crypto market doesn’t care

BTC/USD 4-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: Downside opening up towards November lows

The bears take a breather over the last hours, allowing a brief consolidation phase in Bitcoin (BTC/USD), the most favorite cryptocurrency, having reached the lowest levels in two-and-a-half weeks at 7,007 in early trading this Sunday. The coin remains vulnerable amid bearish technical set up.

More Bitcoin News

Tezos technical analysis: Bears continue to guard $ 1.70/71 area

Tezos (XTZ/USD), is in the red zone for the third straight session on Sunday, although the selling momentum has weakened over the last hours following a turnaround in the sentiment across the crypto board. 

More Tezos News

TRON price prediction: Teasing head-and-shoulders breakdown

TRON (TRX/USD) stalled its overnight decline and jumped sharply from daily lows of 0.01380 in Sunday’s early trading. Despite the recovery attempts, TRX/USD remains exposed to further downside risks.

More TRON News

Top 3 Price Prediction BTC, ETH, XRP: Sell the rallies– key theme ahead?

The world’s no. 1 digital coin, Bitcoin, is seen fading its tepid recovery from 2.5-week lows of 7,007, as we head towards the weekly closing. Top 3 widely traded coins to shed 4+% each on the week.

More Cryptocurrencies News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast