Interest in CME bitcoin futures plummets risking drop below $7,500 |


The overall institutional interest in CME Bitcoin Futures is on the drop as BTC price rises above $7,500 USD, signaling a possible upcoming bullish run on the pioneer cryptocurrency.

CME’s cash settled futures drops to 3-month low

As the price of Bitcoin rises, institutional investors are silently turning bearish as CME Bitcoin futures dropped to their lowest price in three months.  According to Skew Markets data, the overall market in BTC futures is bearish as the derivatives rose to over 1200 short contracts, are we in a bull trap?

Starting at 805 BTC longs in August, the number of contracts has gradually reduced entering into the short zone showing signals of a possible bull trap. In November, CFTC released a report headlining the lack of interest in CME futures by non-commercial investors.

While the price of BTC saw a huge drop to sub-7000 levels from highs of 10,000 at the end of November, the current drop in interest by institutional investors spells an oncoming reversal in BTC’s price.

BTC/USD spikes above $7,500 as bull trap ensues

BTC/USD is on the edge despite the recent spike from the sub-$6,500 level to $7,469 USD as at time of writing. The current debacle on CME futures is scary for perma bulls as the price looks set to test the bearish channel support level in the coming days. The spike in volumes on the daily charts shows a possible bull trap is forming as the price struggles to stay above $7,500 USD.

With the relative strength index (RSI) still testing the oversold level oscillating around  32, and dropping, bears strength seems alive once again following the short soar in BTC price in the past 48 hours.

The post Interest in CME bitcoin futures plummets risking drop below $7,500 appeared first on Coingape.

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