Today we saw a decline in BTC of 2.88% bringing Bitcoin futures down to $62,000 on the close. This puts Bitcoin down on the day, while on the week BTC is still posting positive gains of approximately 6% in the spot markets. I will say one potentially bearish technical factor is the weekly candlestick chart.

“BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week’s end.”

-excerpt from the previous article on 4/12/2021.

Bitcoin futures hit new all-time highs after hitting $61,000 in the spot market this weekend. BTC futures hit a high of $62,000 before backing off slightly. As of 4 PM, EST BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week's end.

While Bitcoin remains within 5% of its all-time highs, showing some remarkable price stability, BTC futures did close slightly lower by almost 2%, bringing the price of April futures to $58,695. Many people from both inside and outside of the cryptocurrency circle predict substantial gains for bitcoin in Q2.

Ethereum the cryptocurrency that is number two in terms of market capitalization has been beating out Bitcoin in terms of gains. This week Ethereum has risen by 25%, gaining 5% today alone bringing Ethereum to a new all-time high and cracking $2,000 for the first time.

Bitcoin futures are trading just below $60,000 as of 4:30 PM EST; April futures are trading very close to their all-time highs at $59,370 factoring in the fractional 0.5% decline on the day. Yesterday’s candle did contain a lower high than today’s however let us not overlook that yesterday was the highest daily close in CME futures history, about $400 above current pricing.

The world’s two largest digital currencies both had substantial gains over the weekend. Their rise continued into today as Visa announced in a statement stating, “Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies.

Bitcoin continued its descent today, falling to a low of $55,820 in CME futures, a few dollars lower at $55,660 in the spot market (Bitstamp). This marks a return of futures leading the cash market that was absent or reversed for the last month. Interestingly enough, pricing on cash exchanges was above pricing in CME futures ever since breaking above $40,000.

BTC futures had been trading down around $55,000 after coming off the record high of $61,000 on Monday. Until Chairman Jerome Powell gave his statement followed with a round of Q and A solidified that the accommodative policy was here to stay. His reaffirmance of the Fed’s dovish stance took the U.S. dollar significantly lower and most other assets higher.

After hitting a new record high in the cash market of $61,440 on Saturday, March 13^th, we have come off of that high by roughly 8%. As of 4:30 PM EST, spot Bitcoin is trading at roughly $56,500 and $56,600 in the CME’s March futures contract.