As Bitcoin Floats Around $9.5k Bearish Pattern Forms

According to data from Coin360, not much has changed in Bitcoin’s behaviour after the leading cryptocurrency all of sudden lost $800 in its value across the weekend. This came as a surprise to many as Bitcoin dropped from $10.1k to around the $9.2k mark.

So now the attention from many enthusiasts is aimed at Bitcoin Futures - as the end of the month means settlement something which has traditionally placed downward pressure on the Bitcoin price before payouts take place. 

For the popular analyst and trader Josh Rager, the near-term course for BTC/USD could involve an uptick towards $10k but with the 50-day moving average forming a roof.

The analyst specifically viewed CME Group’s futures as an important metric.

“CME is an important chart to watch & looking at one scenario that could play out,” he wrote on Twitter Tuesday.

He continued: 

“I lean neutral sideways but would be intrigued if price moved up to fill the meme gap at $9965 1D close before rejected off 50 MA. Lean bullish if price closes above $10,635 on CME.”

Up until now though, there isn’t much evidence that indicates the bulls are getting ready to break out with a lot of them instead of suggesting a period of bearish action is likely before momentum for gains builds once again.

On the other side, some have pointed to the continuing regulatory concerns mainly in the United States in regards to price. Today, we are set to see yet another hearing dedicated to blockchain and cryptocurrency policy.

J. J. Kinahan, the chief market strategist at TD Ameritrade, told Bloomberg:

“It’s a new product. It’s much different from most new products. Everybody, including regulators, are trying to figure out the best way to roll this out to protect people, keep it something that’s viable but keep it from being the Wild West.”

At the time of writing, bitcoin is performing about as well as you’d expect as it is priced at $9,504 following a 0.33 percent decrease over the past 24 hours.