Crypto

Bitcoin futures have been in a defined downtrend since the third week of April after hitting an all-time high in the middle of the month at approximately $65,000. In the following four weeks, BTC futures trade inside of a newly formed downward channel until mid-May when pricing fell outside of the channel, dropping from $46,000 down to $30,000 before making a shallow but swift recovery.

Bitcoin futures are trading up by 1.24% as of 2 PM EST, and are pegged at $39,090. BTC futures are butt up against resistance residing at $40,000 and looks poised to re-test support at $30,000. The recovery from the lows at $30,000 seems to have lost steam and was short lived so we are expecting lower prices and viewing the recent recovery most likely as a dead cat bounce.

Today Bitcoin futures posted their largest gains in nearly a month. BTC futures gained around 8% or $2,880 to close today at $38,965. Over the last few days, quite a few high-profile investors have come out with favorable comments regarding Bitcoin.