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Although Bitcoin price has regained 2-3 days, it has been oscillating between tight range of $10k - $8k levels. BTCUSD (at coinbase) has rebounded back today with 3.74% gains so far.
Technically, hammer takes-off rallies above 100-DMAs with bullish crossovers, bulls in minor trend breakout stiff resistance, but bears counter with double top pattern as leading oscillators signal OB pressures but 100-DMA acts as strong support
While in recent times, the CME’s bitcoin derivatives products have sensed considerable growth with total open interest (OI) prints fresh all-time highs. The current BTC CME futures worth about $450 million in outstanding OI, showed a slight dip from recently observed highs of $532 million.
Well, almost half of this OI flowed through both options and futures are set to expire on Friday, on the flip side, the roll-over of these contracts to future months that determines some turbulence in the pioneer cryptocurrency.
Amid such volatility, as we could foresee strong support at $7,900 levels (i.e. 100-DMAs), long hedges have already been recommended, and we wish to uphold the same positions.
