Bitcoin could recently increase above its previous level of strong resistance around $ 4,000, but BTC has not suffered any significant buying pressure since climbing above this price level. It is currently unclear whether this earlier resistance level will now turn to a level of support, which will be the best case for the crypto curve.
An analyst recently pointed out an interesting trend where the start of the new Bitmex quarterly futures coincides with Bitcoin's price jumps, which can give traders more insight into the causes of what otherwise appears to be random price movements.
Could Bitmex Quarterly Futures Affect Bitcoin (BTC) Price Action?
At the time of writing, bitcoin is trading down marginally to today's price of $ 4,030, down from its last highs of nearly $ 4,1
Although many dealers are looking at technical analysis to justify price movements in the cryptic markets, there may be other, more subtle events that have a major impact on market price action.
Luke Martin, a popular cryptocurrency analyst, explained in a recent thread of tweets that empirically have coincided with BTC pricing pumps with the Beginning of fresh quarterly futures contracts on popular cryptocurrency exchange Bitmex.
"$ BTC movement started right after new Bitmex quarters started trading … Identical pattern of the two previous events highlighted in the thread. Note this on your calendars ahead, as there is obviously an event that the market is aware of. on. Beautiful, "he explained.
5 / $ BTC moved started right after new Bitmex quarters started trading.
Identical pattern for the two preceding events highlighted in the thread. Note this on your calendars in the future, as there is obviously an event that the market is aware of.
– Luke Martin (@VentureCoinist) March 16, 2019
Could Bitcoin be Gearing Up for a Big Upward Price Swing?
Although it is still unclear whether recent price movements in cryptographic markets are the result of basic events – such as Bitmex futures contracts – or for technical reasons, another popular crypto analyst recently pointed to growing fundamental strength as a possible catalyst for another
"BTC 3D runs / holds over 20MA on [Bollinger Bands] for the first time since the end of the 2017 Bull Trend," Crypto Thies listed in a recent tweet.
– Crypto Thies (@KingThies) March 17, 2019
Like the next we I begin that it is likely that traders and analysts will gain more insight into whether it will grow basic strength, will be enough to push Bitcoin's price higher and to establish $ 4000 as a new level of support.
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