Bitcoin Futures Soar as Record 33700 Contracts Trade on CME

Daniel Fowler
May 20, 2019

All in all, the month of May is poised to be a significant month for Bitcoin. On Monday, the price of Bitcoin reached $8,000 for the first time since July.

At the time of writing, Bitcoin is now trading just above the $8,000 line, at $8,003.

The price of Bitcoin has gone from under United States dollars $4000.00 in March to topping $8000 in May representing a solid return if you were fortunate enough to purchase BTC during Q1.

The industry is enthusiastic about the further market developments, noting that this time around the growth is taking place amid strong trading volumes, which is a positive signal.

Nevertheless, these gains are even more massive if put in a bit of context. We also saw features of the distribution phase in between, which is represented by the topping of the market where the price movement starts to flatten as selling pressure increases. The Consensus, which is the name of the conference, unites some institutional investors who share interests in emerging technology. However, after the primers of April, Bitcoin prices have been on a roll, more than doubling from mid-March. "So far we have only been destroying Shorts, but now we have a flawless opportunity to kill Longs too", says the trader.

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Although there is an ongoing trade war between the United States and China, and geopolitical tension is once again terrorizing the markets, that may not be the only factor contributing to Bitcoin's explosion. The Chinese have responded with new tariffs as well. The rise of U.S. trade duties on Chinese products pushed Chinese authorities to take a similar step and impose additional tariffs ranging from 5% to 25% on a total of $60 billion-worth USA products such as natural gas, vegetables or cosmetics. In the last couple of weeks, however, there has been a steady increase. In fact, this constituted the single largest drop of 2019.

Yahoo Finance UK will be reporting from Consensus in NY this week. This is the case both for Brent crude futures and US West Texas Intermediate crude futures. Tomas Salles of FXStreet believes BTC must surpass $8,350 to get rid of the bearish bias. Cryptocurrency is increasingly becoming an attractive alternative for investors to balance and diversify their financial portfolios. All of this has been affecting the markets and eroding investor confidence. If Bitcoin falls below $4200, the bear trend remains intact.

Other cryptocurrencies - Ethereum, Ripple, Bitcoin Cash and Litecoin - have seen sharp gains over the past week.

If this support level fails to hold, it seems likely that the cryptocurrency market bounces off the golden ratio level at $138b-$142b.

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