Crypto

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.

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.