For the majority of trading today, BTC futures were trading down around 5% on the day. In the final hour of trading, Bitcoin futures on the CME fell by another 2%, closing out the day 7.3% ($4,060) lower at $51,550. As we mentioned yesterday, support sitting just below current prices must hold in order to not sustain further deep losses.

Bitcoin continued lower today with the most active April contract of BTC futures currently as of 4:50 PM EST, trading down by 2.41% ($1,365) on the day and fixed at $55,350. The low today matches up with the 50-day moving average, which is where minor support lies. If we break through this level the next level of support is at approximately $50,900.

The Bullish channel that Bitcoin futures had been trading in for nearly six months (since late October) failed to hold as a price decline over the weekend brought Bitcoin futures down hard today. BTC futures closed down by 9.2% or $5,705 bringing them to $56,275.

Today we saw a decline in BTC of 2.88% bringing Bitcoin futures down to $62,000 on the close. This puts Bitcoin down on the day, while on the week BTC is still posting positive gains of approximately 6% in the spot markets. I will say one potentially bearish technical factor is the weekly candlestick chart.

“BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week’s end.”

-excerpt from the previous article on 4/12/2021.

Bitcoin futures hit new all-time highs after hitting $61,000 in the spot market this weekend. BTC futures hit a high of $62,000 before backing off slightly. As of 4 PM, EST BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week's end.

While Bitcoin remains within 5% of its all-time highs, showing some remarkable price stability, BTC futures did close slightly lower by almost 2%, bringing the price of April futures to $58,695. Many people from both inside and outside of the cryptocurrency circle predict substantial gains for bitcoin in Q2.

Ethereum the cryptocurrency that is number two in terms of market capitalization has been beating out Bitcoin in terms of gains. This week Ethereum has risen by 25%, gaining 5% today alone bringing Ethereum to a new all-time high and cracking $2,000 for the first time.

Bitcoin futures are trading just below $60,000 as of 4:30 PM EST; April futures are trading very close to their all-time highs at $59,370 factoring in the fractional 0.5% decline on the day. Yesterday’s candle did contain a lower high than today’s however let us not overlook that yesterday was the highest daily close in CME futures history, about $400 above current pricing.

The world’s two largest digital currencies both had substantial gains over the weekend. Their rise continued into today as Visa announced in a statement stating, “Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies.