Bitcoin (BTC) in the last 24 hours failed to reclaim the $7k foothold that it lost at the start of the week, and was trading at $6729 at the time of writing.
However, while optimistic investors are imminently expecting another retest of the $7k mark and possibly a push above the $7300 resistance, futures traders on some of the leading crypto derivatives platform are expecting a rare price drop.
According to blockchain analytics data provider, IntoTheBlock, the current price for Bitcoin futures contracts settling until April 24th is currently trending below $7000.Â
@intotheblock Bitcoin’s futures price analysis shows that the current price for contracts settling until April 24th is currently trending below $7000.
This shows that traders are forecasting a bit of a price drop pic.twitter.com/fNTxo0M0g6
— intotheblock (@intotheblock) April 15, 2020
Between March 15 to date, the said data aggregated from OKEx, Huobi, BTSE, CME Group, and Kraken predicts that Bitcoin will trade within the $6800 range, with no chance of going above $7000.
Similarly, related data from Binance Futures, which boasts over $2.6 billion in Bitcoin futures trading volume in the last 24 hours shows that there are more traders with open short positions (61.9%) than longs (39.1%) over the same period.
These data represent traders’ bets about Bitcoin’s price movement in the short term, although there are no guarantees that Bitcoin wouldn’t defy popular sentiments as it has done countless times in the past.
Meanwhile, at the time of writing, Bitcoin had a market cap of $124.4 billion with dominance levels back above 64% in comparison to the rest of the crypto market.
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