Everyone will agree the Bitcoin futures have not made a big impact. In a way, that is anything but surprising at this point in the game. So far, these contracts have been far more bullish than one would expect. The CME Bitcoin futures were settled at a price of just under $11,000. This is pretty much on paper with the current global market average for the world’s leading cryptocurrency. How this will play out moving forward, is anybody’s guess.
So far, the year 2018 has been anything but spectacular for Bitcoin. The only spectacular aspect is how the Bitcoin price continues to struggle. Breaking the resistance at $12,000 on a permanent basis is impossible right now. The Bitcoin futures are a clear indication of how few people expected anything different. More specifically, the CME futures settled at a price of $10,925. This is well below the $15,000 or more so many people had hoped for by now.
CME Futures Leave Speculators Guessing
In fact, the futures contracts have made the Bitcoin price momentum rather bearish. Even though this is not a major indicator, it seems the market followed the expectations almost to a point. It was expected such contracts would create negative pressure on the market. So far, those fears have come true which is not a positive development. Whether or not we will go up from here on out, remains to be seen. There is no real price momentum to speak of, at least not in a positive manner.
There is a good chance we will not see a major Bitcoin price spike anytime soon either. For now, there is nothing that warrants a value increase. The same issues have been present for many years now. Until those problems are resolved, Bitcoin’s value will not note any major increases. Investors are cooling off on this cryptocurrency as well by the look of things. Reaching the previous high of $19,000 is anything but a pipe dream at this point in time.
The big question is how the CME futures will impact the price moving forward. More negative pressure on the market will not have much effect, by the look of things. Given the rather bleak outlook, there’s no reason to think we will see a big price spike either. It’s a very interesting, albeit confusing situation. These CME futures haven’t done the market any favors, that much is evident. Things are always subject to change in the cryptocurrency world, though.
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