Bitcoin’s recent rally has sparked a massive influx of activity from large retail and institutional futures traders
This heightened trading activity comes as the crypto reaches a “make or break” price level that could determine how it trends in the weeks and months ahead
Bitcoin incurred a notable uptrend yesterday morning that allowed it to climb from lows of $7,100 to highs of $7,800 before it met some resistance and declined back down to its current price of roughly $7,500.
This bull-favoring price action came close on the heels of an extend period of consolidation between $6,800 and $7,200, and the bullish break out of this tight trading range has led many investors to grow increasingly bullish.
It now appears that institutional traders are taking note, as data regarding CME Bitcoin futures volume shows that it just reached a one-month high yesterday.
Bitcoin Reaches a Turning Point Following Recent Rally
This recent volatility has led Bitcoin up to what appears to be a critical pivoting point for the benchmark cryptocurrency.
Throughout 2019 and 2020, $7,500 has been an important level that has determined multiple notable trends for BTC.
Because of this, one analyst on Twitter recently noted that whether or not BTC can firmly surmount this level in the days ahead will offer significant insights into which direction it will trend next.
“Since 2019 a level of upmost importance has been 75xx – Above it: trend has been very bullish. Below it: trend has been very bearish (provided great entries) – Currently testing waters above it, confirming it support would be exciting to say the least,” he said.
Image Courtesy of Teddy
It does appear to be a possibility that the crypto is currently attempting to establish support at this critical price level.
Institutional Traders Taking Note of This Price Action’s Importance
According to recent data from Skew, CME Bitcoin futures volume and open interest ballooned to a one-month high yesterday.
“CME bitcoin futures volume & open interest reached a one month high yesterday ~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today,” they noted.
Image Courtesy of Skew
Because CME futures have high minimum trading requirements, they tend to primarily attract institutions and large retail traders.
This spike in trading volume seems to suggest that these traders comprehend the importance of Bitcoin’s recent price action, and may also signal that they believe that this rally will help BTC establish a clearer trend.
Featured image from Unsplash. origin »
Key Takeaways
Bitcoin hit $118. 8K on the 11th of July, but on-chain data showed low retail activity, moderate MVRV Ratio, reduced Short-Term Holder profits, and declining Miner Position Index.
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The post Bitcoin Whales are Increasing, But Their Activity Remains Unstable appeared first on BeInCrypto.
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However, during the same period, its blockchain witnessed a decline in activity.
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Bitcoin's daily transaction count hit an all-time high on 15 September.
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Bitcoin [BTC] sprung into activity over the The post Bitcoin: Network activity surges, miners rake in the moolah appeared first on AMBCrypto.
This spike in Age Consumed suggests that previously dormant addresses holding Bitcoin are now re-entering circulation, indicating a revival in network activity.
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Bitcoin network activity rebounded, with the potential to reach one million active addresses in June.
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Bitcoin network activity rebounded, with the potential to reach one million active addresses in June.
There was increased interest in Inscriptions, but cautionary signs emerged with declining MThe post Bitcoin network activity rises, positive sign for BTC? appeared first on AMBCrypto.
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The China Center for Information Industry Development (CCID) released the second iteration of its monthly Global Public Chain Technology Evaluation Index. As part of the Ministry of Industry and Technology Information, the CCID is releasing the monthly reports on behalf of the Chinese government.
Research revealed by cyber security company Palo Alto Networks assesses that 5% of all Monero, the privacy coin, has been mined though malware programs. Palo Alto Networks deployed its Unit 42 to determine that 85% of cryptojacking activity revolves around the cryptocurrency known as Monero.
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Tether Ltd. , which issues a stable coin allegedly tied to U. S. dollar reserves, claims it has hired Freeh Sporkin & Sullivan LLP — a law firm co-founded by FBI Director Louis Freeh — to confirm its bank deposits and assure investors that its cryptocurrency is backed by USD.
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Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.
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