Cryptocurrency
Bitcoin is Trading at a Massive Premium on the CME; What This Could Mean
Bitcoin is Trading at a Massive Premium on the CME; What This Could Mean: NewsBTC reports, “Bitcoin’s price is now trading firmly above $16,000. This marks a notable technical breakout that could indicate significantly further upside is imminent in the near-term. This level has long been holding strong as resistance, with the selling pressure here […]
Bitcoin is Trading at a Massive Premium on the CME; What This Could Mean:
NewsBTC reports, “Bitcoin’s price is now trading firmly above $16,000. This marks a notable technical breakout that could indicate significantly further upside is imminent in the near-term.
This level has long been holding strong as resistance, with the selling pressure here catalyzing multiple potent rejections throughout the past few days and weeks. If buyers can flip this level into support, it could open the gates for significantly further upside.
It does appear that this level is becoming support for the cryptocurrency, as buyers are growing aggressive each time the price drifts back towards this level.
Whether or not Bitcoin can hold above this level before a high time frame close – like today’s daily candle – will offer significant insight into its mid-term significance.
One trend that does seem to be boding well for Bitcoin is the premium seen while looking towards the digital asset’s price on the CME.
This platform is mainly tailored towards institutions and professional traders who manage large sums of money.
The fact that BTC is trading at a higher price here than it is on spot exchanges signals that so-called “smart money” is frenzied to gain long exposure to Bitcoin…”