CME Bitcoin futures expire on May 29.
Crypto traders who have been analyzing Bitcoin since the launch of CME futures in 2017 know that the expiration of these contracts on the last Friday of the month has a big impact on the price of BTC.
This fact is used by many analysts to open short positions around the leak or to avoid entering the market temporarily.
This month, futures expire on May 29. This is only 5 days away and will probably make things difficult for Bitcoin, which is likely to face some difficulty in trying to stay above $ 8,500. A drop below this level would suggest that we are entering a bear market.
At the time of writing, Bitcoin is trading at around $ 8,800. Despite the golden cross, the averages seem to be heading downhill.
The trading volume has decreased in the last few days, with significantly more sales. $ 8,500 remains strong support for the currency, representing a 0.236 level of fib retrace.
MACD and MFI also paint a bearish picture in the short term.
On the upside, we have a resistance of $ 9,050.