RATE Group | Bitcoin Price Stabilizes above $3,500 as CME Futures Expiry Approach
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Bitcoin Price Stabilizes above $3,500 as CME Futures Expiry Approach

28 Nov Bitcoin Price Stabilizes above $3,500 as CME Futures Expiry Approach

Posted at 01:35h in Bitcoin News by

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Bitcoin on Tuesday showed some signs of bottoming out as it consolidated sideways a little above $3,500, its psychological support.

The BTC/USD is now trading at 3734-fiat, up 1.58% from the previous day close. Meanwhile, the pair is trading inside a range that is no more than $230 wide. Though volatile, the choppy price action is still stable compared to Bitcoin’s performance in the past two weeks.

The CME Bitcoin Futures are also going to expire this week on Friday. Tom Lee from Fundstrat had earlier noted that volatility in Bitcoin spot market increases every time a contract heads towards its expiry date. Eventually, the price does down, finds a support and picks up again soon after the expiry date. It is expected that BTC/USD will once again test new support levels – perhaps towards 3000-3500-fiat range – even without any…

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