As the CME group went live with its suites of event contracts with Bitcoin futures, Bitcoin prices surged more than $25K.
Bitcoin (BTC-USD) prices have risen beyond $24,500 since the CME Group announced the addition of Bitcoin futures to its portfolio of event contracts. CME's action is expected to give a low-cost option for investors to trade Bitcoin, leading to an optimistic Bitcoin price prediction.
Tim McCourt, CME's Global Head of Stock and FX Products, stated that the new contract is transparent and provides a low-risk option for private investors to enter the Bitcoin market via a fully regulated exchange. This favourable feeling is reflected in industry experts' Bitcoin price prediction, which expects a bullish trend in the future.
The introduction of Bitcoin futures by a properly regulated exchange such as CME is a huge step forward for digital currencies such as Bitcoin, which have hitherto been viewed with scepticism. Despite the governmental assault on the crypto business, the growth in Bitcoin prices in 2023 implies a bullish Bitcoin price prediction and increased interest in the digital currency market.
CME Group, a renowned derivatives trading platform, stated on Monday, March 13, that it has begun trading event contracts on Bitcoin futures.
At the time of writing, the price of Bitcoin is $24,810.76 USD, with a 24-hour trading volume of $48,515,800,739 USD. Bitcoin has increased by 11.94% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a market cap of $479,277,300,745 USD. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,317,318 BTC coins.
In the bigger picture, Bitcoin has now been in the safer zone as it crossed the $25K mark even before the expert’s Bitcoin price prediction. The move came in when many banks started to collapse which created a market FUD. But, in between the chaos, Bitcoin came out as a bigger storm itself.
Technically, the latest surge in BTCUSD began on Friday, March 10, when it found support near the 200-day moving average (MA) of around $19700. We had witnessed a golden cross a few days previously, and the recent rally may be viewed as a delayed reaction, but considering the macro dynamics at play, the rise is certainly spectacular.
As per the Bitcoin price analysis, 200 days and 50 days Moving averages are fine-tuned with the BTC price. However, the 100-day moving average ($34K) is still a mark to catch.
14 Day RSI is at 61 which indicates a slightly overbought market but it depends upon the market sentiment where the line will go.
MACD is on the right side of the positive scale and exhibits green histograms. If the move continues, we can see more green spikes in the near future as Bitcoin is progressing optimistically.
The one-day Bitcoin price study verifies the cryptocurrency's positive trend, as the BTC/USD value has climbed dramatically. The positive pressure rising on the crypto market has resulted in a significant gain in coin value. The daily trade volume is also increasing as buyers retain their market dominance.
Volatility is also on the rise, with Bitcoin price analysis revealing that the currency is undergoing some extreme swings. The Bollinger Bands indicators are also broadening, indicating that volatility is significant. The upper Bollinger Band is at $25,109, which might operate as a resistance level, while the lower Bollinger Band is at $20,292, which could provide support if the price drops.
The moving average indicator has a value of $21,820, which is quite close to the current market price. The RSI is now at a solid level of 69.85, indicating that momentum is still in favour of the bulls.
If we look closely at CME Group’s stock rise and BTC’s rise, a huge upthrust of 4% rise in the value could be seen in CME as compared to Bitcoin. CME’s price surfed along with BTC’s uphill wave and hence surged in value.
From the above, we may infer that most assets reacted to the deterioration of macroeconomic conditions. Assets reacting to the Federal Reserve's monetary policies and banking collapses are most likely a hint that we are just one step away from a meltdown or a healthy recovery. It is critical to keep track of what the Federal Reserve is doing.
In truth, the worst is not necessarily certain, but purchasers should set their portfolio to absorb any more losses and be prepared for potentially excellent buying opportunities in the coming months.