How to Invest in Bitcoin: Complete Beginner's Guide 2020

This $140 million in additional open interest at the $11,000 mark certainly presents a honeypot for bulls. But CME futures contract expiry happens simultaneously and currently holds a $313 million open interest.

Unlike option markets, there is no clear direction signaled by futures, as longs and shorts share exact opposite market exposure at every trade.

Currently, the question on the minds of pro traders is will the CME call option buyers prevail? Deribit options are set to expire at 8:00 am UTC on June 26 and the CME a few hours later at 3:00 pm UTC.

Bitcoin Price Retakes $9.5K as Analyst Says $12K Breakout May Be Next

A strong correlation with stock market movements still leaves room for Bitcoin to test five figures, says trader Michaël van de Poppe.

The impetus for the dip and subsequent recovery came in the form of coronavirus concerns followed by a stimulus announcement from the United States Federal Reserve.

After the Fed revealed it would step up its presence in bond markets, rumors surfaced that President Donald Trump’s administration was preparing an infrastructure investment boost worth $1 trillion.

The result of Monday’s action appears to be that Bitcoin remains exposed to macro forces, despite the broad “decoupling” phenomenon that the largest cryptocurrency has undergone since the major coronavirus crash in March.

Speaking to Forbes on Monday, meanwhile, van de Poppe argued that Bitcoin “needs to reclaim $9,300 relatively fast” in order to make bitcoin investment

$8,600 represented a “crucial pivot,” he added, with a failure to hold that level an invitation to test the 200-day moving average — currently at just above $8,000 or as low as the $6,000 range.