- Bitcoin spirals towards $9,600 on failing to break above the resistance at $10,000.
- Volatility in the market means that Bitcoin price could either swing to $10,500 or to $9,000.
Bitcoin price continues to close in on $10,000 following an impressive recovery witnessed towards the end of last week. The weekend trading saw BTC/USD struggles to crack the barrier at $10,000, however, the struggle still continues. The largest-crypto is trading at $9,725 during the Asian session and Monday amid calls for a jump above the critical $10,000.
CME Bitcoin futures hit $1 billion in daily volume
One of the oldest Bitcoin futures trading platforms Chicago Mercantile Exchange (CME) has been posting record-breaking volumes even at the time Bitcoin price was diving in the last few weeks. Data by skew, a known crypto data monitoring platform indicated that last week was the third time history to see Bitcoin futures volume on CME hit $1 billion.
Bitcoin price technical picture
The rise in the volume of Bitcoin futures across multiple platforms has been a positive influence on Bitcoin. However, many analysts argue that is not the only reason why the largest traded crypto asset is performing incredibly well. The upcoming May 2020 halving event, the Coronavirus outbreak in China and the increase in institutional investments are just but a few fundamental and macro factors contributing to the growth.
If Bitcoin closes the week above $10,000, there is a chance that it could hit highs above $11,000. However, some analysts say that there is a chance that Bitcoin will undergo a massive drop before the May 2020 event. However, a recovery of its kind would erupt toward the end of the year.
Meanwhile, BTC/USD is fast dropping towards $9,500 after failing to break above $10,000. Volatility is high while rising channel support is trying to stop the losses. The RSI is sloping back to 50 and eyeing 30 amid increased selling activity. If the channel support gives in Bitcoin price could soon be on a rabbit hole path to $9,000.
BTC/USD daily chart
-637181090344802401.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin price bullish outlook intensifies as DOGE turns 10
Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat. The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.
Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally
The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long.
Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization
Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem. Its foray above the $42,000 psychological level has market watchers enthused.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.