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According to the statistical data from the CME Bitcoin futures market, BTC may continue rising despite the current pullback.
The CME Bitcoin futures market opened with the latest refresh data showing the best for BTC since the company introduced it in 2017. The data from CME Group provides investors and traders with transparency, price discovery and also risk management capabilities in order to make informed decisions in their trading. Therefore, it is worth noting that the latest update points into a bright future for Bitcoin as large investors and retail investors increase in trade volume.
As the week opened in the early hours of the Asian session, the crypto market responded negatively to the high trade volume at the weekend with Bitcoin price falling below the $10k level. As a trader or investor, while trading such a volatile market and you are not a long time holder, it is wise to trailing the stops and not leaving your open trades over the weekend at the mercy of the market.
As the Bitcoin derivative market price indicates a rising channel in the higher time frames, the recent dip below $10k will act as a correction. At the time of writing, the market was retesting last week’s support zone $9,700, and if it respects the channel, the market price is likely to recover.
What CME Group Thinks of Bitcoin Future
CME Group is one of the world’s leading companies in the derivative marketplace. The statistical data provided by the company is used by retail traders, hedge fund managers and also institutions in analyzing the market. Although the market data provided by CME Group is not the real-time market feeds, the sentiments from the analysis are very huge to affect the future price of the derivative.
With the trade volume slightly above 4,000, the number of whale investors putting their money in the crypto asset is increasing since the year began. According to the data from the past experiences, this might be the needed catalyst to catapult Bitcoin back to $10K and push higher.
As the Bitcoin future market opened with a huge gap to retest last week’s support level, the big-time coin accumulators and also the retail traders are expected to increase the demand for the asset. With the demand-supply ratio imbalance hitting hard the market, it will be the best scenario to push the market higher and test the all-time high $20,000.
Top investors’ in long and short Bitcoin trade positions continue in the tug of war. According to the CME report, the short position in top-rated investors might be due to hedging long open position. Ultimately, CME Group is positive on the general uptrend of the market price not only in the future derivatives but also in the Bitcoin real-time market price.