Bitcoin price prediction: CME Bitcoin futures volume soars as BTC/USD price drifts at $8,200 – Confluence Detector

  • Data from Skew show that Bitcoin futures volume has been growing on CME in the last one month.
  • Bitcoin must clear the prominent resistance at $8,248 to higher levels around $9,000.

CME Bitcoin futures contracts have been key players in the cryptocurrency market since their launch in December 2017. The contracts which are settled at the end of every month provide an insight into the involvement of institutional investors with the crypto market.

The rising volume of Bitcoin futures volume on CME in the last month is a key indicator of the positive sentiments from institutional investors. The number of investors going long on Bitcoin futures is rising according to data provided by Skew, a crypto analytical company. Bitcoin longs position on CME has stepped above 1,100 after grinding to almost zero.

Bitcoin confluence levels


Bitcoin price is slightly in the green on the second day of this week’s trading. The crypto stepped briefly above $8,300 on Monday but failed to sustain gains towards the key $8,400. At the time of writing, Bitcoin is trading at $8,224 after recovery from a weekly low formed at $8,154.

According to the confluence detector tool, Bitcoin is staring into the most prominent resistance at $8,248. The numerous indicators making this zone almost impenetrable include the Bollinger Band one-day middle, BB one-hour middle, previous high 15-minutes, the Simple Moving Average 100 15-mins, Fibonacci 61.8% one-week, previous high one-hour and previous high four-hour among others.

The other hurdle that is in line to hinder growth towards $9,000 is $8,500. Some of the indicators at this range are the 161.8% one-day, previous week high and the Fibo 23.6% one-month.

On the downside, the region between $8,077 and $8,163 is a wide support range that continues to prevent price dips below $8,000. Movement below $8,000 will find support at $7,736 according to the confluence detector.

More confluence levels


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast