Latest Bitcoin price and analysis (BTC to USD)

Bitcoin is lining up a third major attempt at breaking out above $10,000 ahead of the expiry of the CME’s Bitcoin futures contract.

The expiry of the contract will see 50% of open interest also expire, which is expected to cause volatile swings in the price of Bitcoin at the start of next week.

During the first week of May the CME reported that open interest for its Bitcoin contract had hit an all-time high after it recovered from the gruelling sell-off in March.

At the time of writing Bitcoin is trading at $9,400 after falling slightly from this morning’s high at $9,623.

Moving forwards if Bitcoin can continue to trade above $8,830 and $9,200 in the short term it will continue to assert a bullish bias, while a break below these levels of support could cause a sell-off to as low as $7,100, which was the yearly open.

High frequency traders, however, will be targeting a move to the upside over the coming weeks with the $10,000 level proving to be a bitter point of resistance.

Breaking…