Bitcoin setting the price up for a run at $8,500 and restoring bullish momentum to the current uptrend
As AZCoin News reported, the Chicago CME derivatives exchange has just started trading Bitcoin futures contracts. And perhaps it was because of this launch that the price of Bitcoin eventually surpassed the resistance of $ 8,300, rising above $ 8,500 and restoring the momentum for Bitcoin. Over the past week, the Bitcoin price has recorded a significant increase from $ 7,655 to $ 8,536.
Bitcoin price and relationship to the Bitcoin CME option contract
On the first trading day, CME group traded 55 contracts, worth about 275 Bitcoin, equivalent to $ 2.1 million. The launch of this product follows Bakkt, an exchange that has an options contract on 9/12. Bakkt has traded for more than $ 1 million since December 9.
— CMEGroup (@CMEGroup) January 13, 2020
Because of changes around the cryptocurrency market that for the second time in the same week, Bitcoin rose above the oft-referenced descending channel trendline, which has served as a long term resistance for the last seven months.
At the press time, Bitcoin is hovering around $ 8,459, for the first time, setting a daily higher level from January 8 to $ 8,464 and clearing resistance at $ 8,500. Previously, AZCoin News had forecast that if Bitcoin could complete the consolidation of a price increase above $ 8,000, the next price scenario would take the price of Bitcoin to the top of the previous range at $ 9,500 and possibly as high as the next high volume node of $ 10,100.
Currently, Bitcoin price is above the 200-day moving average, and the most recent price action suggests that $ 8,000 will act as a healthy support level. Now, we should look to see if $ 8,300 will turn from resistance to support.
Altcoin market turns green; Bitcoin SV increases by over 23%
Ether (ETH) continues to sync with BTC. The leading altcoin has bounced off its daily low of $ 141 before rising to its current trading price around $ 148. Ether only had a modest increase of about 3.3% at the press time.
XRP – the third largest currency by market capitalization – also follows today’s uptrend and is currently trading at $ 0.215. XRP has only increased by more than 2% in the last 24 hours.
Some notable altcoins that are moving along with Bitcoin’s price increase are Bitcoin SV (BSV) with a staggering 23% increase, Bitcoin Cash (BCH) with a rise of 6.9%, Litecoin (LTC) at 6.9% and Dash (DASH) surprised investors by continuing the last weekend rally to reach 19%.
Total cryptocurrency market capitalization is currently at around $ 225 billion. In particular, Bitcoin Dominance accounts for 68.3%.
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