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Bitcoin price remains at $ 7.8,000 with rising futures volumes near 7-week peaks

April 28, 2020

On April 28, the price of Bitcoin (BTC) reached new gainsas soon as it got into the hands of the cops that controlled the market. According to CoinMarketCap, Bitcoin’s market cap is $ 142,456,755,824.

Daily overview of the cryptocurrency market. Source: Coin360

Daily summary of the cryptocurrency market. Source: Coin360

The BTC price is approaching the $ 8,000 mark

Bitcoin price remains at $ 7.8,000 with rising futures volumes near 7-week peaksBitcoin price remains at $ 7.8,000 with rising futures volumes near 7-week peaks

Data on Coin360 and Cointelegraph Markets They reflected the positive sentiment among traders when BTC / USD remained close to the seven-week high of $ 7,800.

Since he gained 10% in hours at the end of last week, Resistance has so far become support. The 24-hour lows to press were $ 7,650.

Bitcoin 1-day price chart. Source: Coin360Bitcoin 1-day price chart. Source: Coin360

Bitcoin’s price has not yet resisted the huge resistance of its 200-day moving average price Another $ 8,000 hurdle is important. At the same time, reducing the block reward or halving it is an issue that is of great interest to market participants.

“As long as BTC’s price remains above $ 7,600, that’s fine,” he said on Monday Twitter careful Cointelegraph analyst Michaël van de Poppe.

Holding above $ 7,600 gives more upward momentum and may be a factor in the upward move above resistance.

A slow upward routine on the stock markets reflected Bitcoin’s continued performance on Tuesday. Oil was again weaker, but overall this sector had a weaker impact on BTC.

CME futures are experiencing a new recovery

The numbers continued to impress in terms of volume. As highlighted in the analytics resource Arcane research, After last month’s collapse, stability returns and volume returns to position at the beginning of the year.

So was the open interest in Bitcoin futures. According to the data from AslantThe volume and open positions have led to another week of growth in a row since mid-March.

CME Bitcoin Futures Open Interest and volume 1-year chart. Source: Skew

Open interest and volume of CME Bitcoin futures in 1 year. Source: Skew

Arcane also pointed to the market sentiment when he emerged from his “extreme fear” era. As Cointelegraph reported Monday, referring to the Fear Greed cryptocurrency index (Fear and Greed), the seven-week hyperbearic mood was the longest in the indicator’s history.

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