New Market Data Shows $80,000 Worth of Bitcoin Futures Contract Placed on CME
After seeing a surge of 16 percent, going from $3,400 and reaching close to $4k Bitcoin price has been stuck around the $3,900 level. As it struggles to make its way to $4k, Bitcoin longs have taken a sharp decline after reaching 35882 on February 17.
After this plunge, the BTC USD longs has come down to 24645, as per TradingView.
BTCUSD LONGS Crypto Chart, Source: TradingView
However, it’s not only the longs that are plummeting, BTC USD shorts are declining even at a faster pace. Bitcoin shorts are close to reaching all-time lows at 18161 after reaching the highest point in early December at 42132.
BTCUSD SHORTS Crypto Chart, Source: TradingView
According to crypto experts, in the short term Bitcoin can see a rally up to $4,200 but if it manages to cross this level, strong bullish movement can be expected. However, it is projected that Bitcoin will be first reaching all-time new lows in the coming months i.e. first quarter of this month before it starts the correction and then move towards another peak.
Recently, CME Group reported that Bitcoin futures on its platform saw the record volume on February 19 in tandem with the Bitcoin price surge.
“Surge in bitcoin price leads to record BTC futures volume on February 19 with over 18K contracts traded,” reported CME Group.
On February 22nd, a long contract of 16,000 BTC has been registered on CME. With one unit of Bitcoin contract involving 5 BTC, it amounts to about 80,000 BTC.
Yesterday was also the last trade day i.e. the last Friday of the month, of BTC futures on CME.
Currently, Bitcoin is sitting at $3,982 with 24-hours loss of 0.34 percent while managing the daily trading volume of $7.4 billion.