Home / Business / Analyst: Recent Bitcoin (BTC) rallies have been accompanied by Fresh Bitmex's quarterly futures

Analyst: Recent Bitcoin (BTC) rallies have been accompanied by Fresh Bitmex's quarterly futures

Bitcoin recently outperformed its strong resistance by $ 4000, but BTC has not exerted significant buying pressure since rising to this price level. It remains unclear whether or not this earlier level of resistance will turn to a support level, which would be the best case for the cryptocurrency.

One analyst recently pointed to an interesting trend in the beginning of the new one Bitmex's quarterly futures coincide with Bitcoin's price jumps, potentially giving traders deeper insight into the reasons that otherwise exist random price movements appear.

Could Bitmex's quarterly futures influence the price action of Bitcoin (BTC)? At the time of writing, Bitcoin is trading marginally at its current price of $ 4,030 from its recent high of nearly $ 4,1
00. It appears that BTC will form a new trading range between $ 4,000 and $ 4,100 in the near future, which can persist at the beginning of the new week.

Although many traders are looking for a technical analysis to justify price movements in the crypto markets, there could be other, more subtle events that have a huge impact on the price performance of the market.

Luke Martin, a popular cryptocurrency analyst, said in a recent thread of tweets that BTC's price pumps were closely correlated empirically with the beginning of the new quarterly futures contracts on the popular cryptocurrency exchange Bitmex.

"The $ BTC move began immediately after trading began with the new Bitmex neighborhoods … Identical pattern to the two previous events highlighted in the thread. Mark this in your calendar as this is clearly an event the market is watching for. Nice, "he explained.

Could Bitcoin Cause a Great Upswing?

Although Possible It remains unclear whether recent price movements in the crypto markets are the result of fundamental events – such as the Bitmex futures contracts – or, for technical reasons, another popular cryptanalyst recently on the growing fundamental strength As a possible catalyst for another has pointed up prices.

"BTC 3D moves above the 20 MB mark for the first time since the end of the Bull trend in 2017," said Crypto Thies in a recent tweet.

Next, as we ek starts, it is likely that traders and analysts will get a better look at whether the growing fundamental strength will suffice to drive up the price of Bitcoin and commit $ 4,000 as a new level of support.

  Selected image from Shutterstock. [19659020] 

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