Bitcoin (BTCUSD) bulls are attempting to extend its recent rallies after yesterday’s steep slumps with the bearish engulfing pattern at $3,831.30 levels.

Previously, the pair broke-out decisively the resistance zone of $3,675 - $3,750 mark against the US Dollar. BTCUSD forms spinning top at $4,008.80 levels to hamper previous bullish momentum. The price of this pair has surpassed $4k mark to extend bullish streaks yesterday and hit 6-weeks highs (refer daily chart). In this process, the minor trend of this pair has formed a wedge pattern, although the current price spikes above 7-DMAs with bullish crossovers, failure swings are observed at wedge resistance.

As stated in our previous post, we observe shrinking buying momentum during the expiry season of BTCG19 CME futures.

Bitcoin has been bottoming out at $3,405 only to take a surge to $3,662 levels since February 6th. The pair has oscillated between $3,800 to $3,631 levels. Thereafter, Bitcoin surpassed $4k mark last week, consequently, the volumes of Bitcoin Future on CME also spiked significantly after expiry and settles prices at $3,960 levels (refer Twitter).

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -102 levels (which is bearish), while hourly USD spot index was at -137 (bearish) while articulating (at 06:51 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex