Bitcoin (BTC) futures on the Chicago Board Options Exchange (CBOE) expired at its lowest settlement price yesterday since its launch in December 2017. Trading under ticker XBT/G9, the final settlement price for the February 2019 futures was $3,567.93 published by the CBOE;
Bitcoin (BTC) futures have been moving sideways for the last month, trading within a range of of approximately $3300-$3700, with the sell off pressure diminishing. The bollinger bands are converging, indicating a breakout, to the upside, due to the reduced volatility.
There are several developments in the space that are possible reasons for this:
- Fidelity looking to launch Bitcoin (BTC) custody service in March 2019
- ETF re-application at the SEC
- Bakkt futures platform is on the horizon
Keep an eye out for Bitcoin (BTC) to break the $3750 resistance level soon. If it does, it will look to push towards $4000.