CNBC Analyst Talks with CME Traders: Bitcoin Futures Trading Levels Look Very Promising
At press time, Bitcoin Futures are currently trading above the $4,000 mark for the second time this year. In this regard, traders Jim Luorio and Scott Nations recently appeared on CNBC's “Future Now” program to talk at length about the fundamentals of the BTC futures market as well as some of the key technical levels associated with this niche financial domain.
During the course of the interview, Scott mentioned that Bitcoin’s fundamentals appeared to be weak at the moment — as a result of which the premier cryptocoin could potentially face a couple of growth barriers in the near future.
” I don’t particularly like it… I don’t see what fundamentals would drive the price.”
In addition to this, he also laid particular emphasis on the fact that with the introduction of private blockchain projects such as JPM coin into this space, it was quite likely that moving forward, the price of Bitcoin would either continue to stagnate or slide once again.
With that being said, Scott then appeared to soften his stance by claiming that when the demand for Gold Futures is factored into the equation, Bitcoin’s fundamentals appear to be quite strong.
He then closed out by saying:
” No one seems to want gold anymore “
Other Key Specifics to Bear in Mind
- Luorio recently sent out a buy signal for Bitcoin Futures around the $4045 mark.
- In his opinion, the target for the above-stated buy order is $4450. Similarly, the stop-loss value for the same is pegged to be around the $3820 mark.
- Quite like a number of other established financial analysts, Luorio too is of the opinion that the $4000 level is a “big psychological barrier” for the Bitcoin Futures market.
In closing out this piece, it should be pointed out that over the course of the past 30 days, Bitcoin’s overall volatility has remained quite low — 1.29% to be exact.
Not only that, but the past few months have also seen the entry of a number of institutional traders and platforms into this burgeoning domain— something that has helped improve the “price discovery” characteristics of BTC in a big way. Only time will now tell what the future has in store for the flagship cryptocoin.