Heavy Action In Bitcoin (BTC)
Wednesday afternoon brought a $1700 plunge in BTC value and a crash of leading U.S. exchange Coinbase.
The past 48 hours have been huge for Bitcoin (BTC). Extreme pricing volatility has hit the market, producing the largest daily move since January of 2018. An exchange failure, Facebook’s Libra, and panic trading have resulted in heavy participation. Even the CME’s sparsely traded BTC futures contract is seeing enhanced trading volumes, a signal that institutional traders are getting involved.
So, is the worst of the volatility behind us? Wednesday afternoon brought a $1700 plunge in BTC value and a crash of leading U.S. exchange Coinbase. Although there is currently no evidence, one has to be concerned that the heavy action is another case of outright market manipulation.
Bitcoin Futures Rally Above $13,900 Before Plunging Back To $11,300
Cryptos are known for volatility, but the past few days in Bitcoin take the cake. As far as June BTC futures go, the trading range spans from $13,915 to $11,305 ― a difference of more than $2500. To say the least, it has been a wild ride.
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Overview: For the second time in as many weeks, BTC futures opened the week GAP up. This is becoming standard operating procedure for BTC as the weekend exchange action continues to be overwhelmingly bullish. This time the GAP resides near $10,000, a prime psychological barrier and likely area of formidable support.
The recent swings in Bitcoin make it tough to enter a trade recommendation because the risk is so large. However, a long-side bias remains valid until this market becomes established beneath the $10,000 handle.
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