{"id":375008,"date":"2019-03-17T19:30:45","date_gmt":"2019-03-17T19:30:45","guid":{"rendered":"https:\/\/wncen.com\/?p=375008"},"modified":"2024-06-11T07:38:04","modified_gmt":"2024-06-11T07:38:04","slug":"analyst-recent-bitcoin-btc-rallies-have-coincided-with-fresh-bitmex-quarterly-futures","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-recent-bitcoin-btc-rallies-have-coincided-with-fresh-bitmex-quarterly-futures\/","title":{"rendered":"Analyst: Recent Bitcoin (BTC) Rallies Have Coincided with Fresh Bitmex Quarterly Futures"},"content":{"rendered":"
Bitcoin was recently able to surge above its previous level of strong resistance around $4,000, but BTC has not incurred any significant buying pressure since climbing above this price level. It currently remains unclear as to whether or not this former resistance level will now flip to become a level of support, which would be the best case for the cryptocurrency.<\/p>\n
One analyst recently pointed to an interesting trend, where the start of new Bitmex quarterly futures coincide with Bitcoin<\/a> price jumps, which may give traders greater insight into the reasons behind what otherwise appear to be random price movements.<\/p>\n At the time of writing, Bitcoin<\/a> is trading down marginally at its current price of $4,030, down from its recent highs of nearly $4,100. It appears that in the near-term, BTC is now forming a fresh trading range between $4,000 and $4,100, which may persist as the new week begins.<\/p>\n Although many traders look towards technical analysis to justify price movements in the crypto markets, there may be other, more subtle, events that are having a tremendous influence on the market\u2019s price action.<\/p>\n Luke Martin, a popular cryptocurrency analyst, explained in a recent thread of tweets that empirically, BTC price pumps have coincided closely with the start of fresh quarterly futures contracts on popular cryptocurrency exchange Bitmex.<\/p>\n \u201c$BTC move started right after new Bitmex quarterlies started trading\u2026 Identical pattern to previous two events highlighted in the thread. Mark this on your calendars going forward as it’s clearly an event the market is paying attention to. Beautiful,\u201d he explained.<\/p><\/blockquote>\n 5\/ $BTC<\/a> move started right after new Bitmex quarterlies started trading. <\/p>\n Identical pattern to previous two events highlighted in the thread. Mark this on your calenders going forward as it's clearly an event the market is paying attention to. <\/p>\n Beautiful. pic.twitter.com\/SPUE6T3Tim<\/a><\/p>\n — Luke Martin (@VentureCoinist) March 16, 2019<\/a><\/p><\/blockquote>\nCould Bitmex Quarterly Futures be Influencing Bitcoin (BTC) Price Action?<\/strong><\/h2>\n
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