RATE Group | Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor
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Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor

30 Jul Bitcoin Price Circles $9,500 as Futures Settlements Form New Bear Factor

Posted at 08:47h in Bitcoin News by

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Bitcoin (BTC) price continued trading around $9,500 July 30 as analysts suggested the end of the month could still provide a fresh move upwards.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

All eyes on futures and 50-day moving average

Data from Coin360 revealed little change in Bitcoin’s behavior Tuesday after the largest cryptocurrency suddenly lost $800 over the weekend. 

As Cointelegraph reported, the downturn caught markets by surprise, BTC/USD dropping from $10,150 to a low of around $9,200.

Now, attention is focusing on Bitcoin futures — the end of the month means settlement, something which has traditionally placed downward pressure on the Bitcoin price before payouts take place. 

For Josh Rager, the regular analyst and trader, the near-term course for BTC/USD could involve an uptick towards $10,000, but with the 50-day moving average forming a roof. 

Rager specifically viewed CME Group’s futures as an important metric.

“CME is an important chart to watch & looking at one…

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