Bitcoin (BTC) and the aggregated cryptocurrency markets have been trading sideways over the past day, with bulls attempt earlier today to recapture $8,000 proving to be fleeting due to an abundance of selling pressure within this price region.<\/p>\n
It now appears that big traders are anticipating Bitcoin to make a massive movement in the days ahead, as the cryptocurrencys CME Futures volume is climbing to levels not seen since the benchmark cryptocurrency began its descent from highs of $10,500.<\/p>\n
Data regarding Bitcoins options volume also seems to confirm this notion, as it just hit a fresh all-time high.<\/p>\n
At the time of writing, Bitcoin is trading up just under 2% at its current price of $7,950, which marks a notable climb from recent lows of $7,600 and a slight decline of daily highs within the lower-$8,000 region that were set earlier this morning.<\/p>\n
Todays bout of consolidation comes close on the heels of the recent selloff that sent BTC reeling down from the upper-$8,000 region, with its latest decline marking an extension of the downwards momentum that was first incurred in late-February when Bitcoin faced a harsh rejection at $10,000.<\/p>\n
In the near-term, it is imperative for bulls to continue defending the $7,700 region, as the break above this level in January is where many analysts believe its market structure first became bullish.<\/p>\n
If buyers are able guard against a drop below this level, it is probable that they will be able to catalyze enough buying pressure to push BTC higher.<\/p>\n
In the near-term, two factors that could suggest an intense movement is coming is the fact that Bitcoins CME Futures volume and options volume is spiking.<\/p>\n
Over the past 24-hours, Bitcoins CME Futures trading volume skyrocketed to over $400m, a level not seen since late-February when the cryptocurrencys bullish market structure first started degrading.<\/p>\n
Image Courtesy of Skew<\/p>\n
Although CME Futures volume could spike in the time preceding a movement in either direction, the ongoing downtrend may suggest traders are anticipating further downside.<\/p>\n
This notion is further bolstered by the fact that BTC options trading volume just set a fresh all-time at roughly $200m, showing that an explosive movement is imminent in the days and weeks ahead.<\/p>\n
All time high for bitcoin options volumes yesterday with nearly $200mln trading, analytics platform Skew noted in a recent tweet.<\/p>\n
The days and weeks ahead should elucidate the validity of the perception that a big movement is brewing.<\/p>\n
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