False Alarm? Bitcoin Upsurge to $9,600 Is a Weak Futures-Driven Rally

[SRShanuka2020]

False Alarm? Bitcoin Upsurge to $9,600 Is a Weak Futures-Driven Rally

The price of Bitcoin (BTC) rose to as high as $9,620 on May 28 ahead of the CME futures market’s monthly close. Market data shows the rally of BTC — the biggest cryptocurrency by market capitalization — was primarily caused by the futures market. Historically, a futures-led rally leaves the top cryptocurrency vulnerable to a pullback.

Bitcoin rejected the $9,500 to $9,600 resistance range with strength, falling below $9,400 within a span of four hours. Analysts say the probability of a long squeeze is increasing as 74% of positions account for long contracts.

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[debra]

Well, I am still expecting that this is the sign of the upcoming increase. Bitcoin price seems not to drop below $9k, it can survive above that rate. So, it is a good sign for the next rising. If the price still continues to survive and increases a bit, there is a chance of a big pump.

[Coin63@]

Bitcoin prices ups and down may depends on many catalysts,, it not depends on single catalyst. Some experts predicted that bitcoin price will be stable on the yearend 2020 and highest bound $12000. Some are believed in halving they are bound $15k..