RATE Group | Why An SEC Announcement Is What Stands Between Bitcoin (BTC) and a $7,200 Price Value
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Why An SEC Announcement Is What Stands Between Bitcoin (BTC) and a $7,200 Price Value

07 Nov Why An SEC Announcement Is What Stands Between Bitcoin (BTC) and a $7,200 Price Value

Posted at 13:23h in Bitcoin News by

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From the onset of this article, I would like to let the reader know that I am not a Technical Analysis expert. Any further opinion in this piece is based purely on fundamentals and observations. Therefore, looking at the performance of BTC since the expiration of last month’s CME Bitcoin Futures contracts on the 26th of October, we can easily tell that it has a price momentum of moving past the $6,600 level experienced by some traders only a few hours ago.

Effect of BTC Futures

Traditionally, whenever Bitcoin futures contracts offered by either CME or CBOE expire, we experience a decline in value of not only BTC, but the entire spectrum of cryptocurrencies. However, something unique happened in the month of October. Bitcoin managed to maintain levels above $6,400 leading up to the expiring Futures contracts on the 26th.

Many savvy traders had anticipated that BTC would show some excitement soon after the expiration, and probably go up in value by a few hundred dollars.

Pending…

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