Bitcoin Futures Trades At $500 Difference During the Weekend; The Market Could Keep Moving Forward
Bitcoin Futures Traded With $500 Gap During The Weekend; The Market Could Keep Moving Forward
Bitcoin futures contracts have opened with a large gap this month. This happens because Bitcoin trading on spot exchanges does not stop, compared to futures markets that open on Monday. This is why there was an increase of 6.39% opening at $8660.
Bitcoin Futures Show $500 Gap
As there was no trading activity during the weekend, the price of the digital currency experienced a price surge from $8,140 to $8,660 on Monday. The market tends to fluctuate according to fundamental or technical analysis and this has an impact on the price of Bitcoin futures.
Although the traditional financial market is also affected by price gaps, Bitcoin is different, since its price fluctuates much more than other assets. This time, the gap that the price of Bitcoin futures experienced could show that the market is moving forward with its bull trend in which the digital asset currently is.
During the last months, Bitcoin has been operating in a bull trend that allowed the digital asset to move from $4,100 to over $8,400. This represents a price increase of over 100% in just two months.
According to some analysts such as Michael Novogratz, GlobalCoin, the coin that Facebook is expected to release next year, is very bullish for the digital currency space. This virtual currency could attract a large number of users to the crypto world. Facebook also owns Instagram and WhatsApp, thus, the potential number of users is even bigger.
Peter Brandt, a recognized chartist, said that this is the FOMO (fear of missing out) phase of the advance. He mentioned on Twitter that once the majority of sold-out crypto bulls capitulate, a more sizable correction will likely occur.
This is the FOMO phase of the advance. Once the majority of sold-out crypto bulls capitulate and chase this rally a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance. pic.twitter.com/xqeIWKfwEQ
— Peter Brandt (@PeterLBrandt) May 27, 2019
At the moment, there are several analysts very bullish about the future of Bitcoin and how the price of the most popular digital asset could keep growing. Indeed, Bitcoin is going to be experiencing a halving as soon as in May 2020. This is very bullish for the digital asset that could start growing in the near future and reach new highs with a lower issuance.
At the time of writing this article, Bitcoin is being traded around $8,700 and it has a market capitalization of $154 billion.