BTC futures are trading down by $3,100 or 5.37% on the day, closing just below the 50-day moving average

Bitcoin futures have been trading sideways in March, and we see this pattern likely to continue for the rest of the month.

Bitcoin continues to have resistance right above $57,000, still closing with a gain of $2,420 (+4.44%) at $56,935. Today’s closing price is right where the Monday’s close, and we have effectively formed a Doji on a weekly candlestick chart. We continue to see BTC as being in a consolidation stage, unsure of which direction it will take next.

BTC futures are holding on to Friday’s gains and currently are trading fractionally higher (+0.38%) at $57,530 after coming down from today’s highs at $59,000. Resistance remains at $61,000 and major resistance at $64,000.

Bitcoin futures continue to rebound off of the lows hit on both Friday, April 23^rd, and Monday, April 26^th, when CME futures fell, forming a double bottom at around $47,500.

For the majority of trading today, BTC futures were trading down around 5% on the day. In the final hour of trading, Bitcoin futures on the CME fell by another 2%, closing out the day 7.3% ($4,060) lower at $51,550. As we mentioned yesterday, support sitting just below current prices must hold in order to not sustain further deep losses.

Bitcoin continued lower today with the most active April contract of BTC futures currently as of 4:50 PM EST, trading down by 2.41% ($1,365) on the day and fixed at $55,350. The low today matches up with the 50-day moving average, which is where minor support lies. If we break through this level the next level of support is at approximately $50,900.

The Bullish channel that Bitcoin futures had been trading in for nearly six months (since late October) failed to hold as a price decline over the weekend brought Bitcoin futures down hard today. BTC futures closed down by 9.2% or $5,705 bringing them to $56,275.