Bitcoin Price At Month Highs Ahead of Bitcoin Halving
Bitcoin price continues with a leg higher after the break above the 100-day moving average. The bitcoin halving event that might happen on May 12 boosts investors sentiment as after the two previous halvings a rally followed the event. Retail and institutional investors shift their attention to more risky assets as the economies are planning to reopen around the globe after the coronavirus outbreak.
The open interest in CME futures reached a record high of $400 million; the previous record was at $337 million on February 14. The increase in CME bitcoin futures implies increased interest from institutional investors. The total open interest of bitcoin futures in regulated and no regulated cryptocurrencies exchanges is around three billion below the all-time high of five billion.
Bitcoin drives the cryptocurrencies market today higher. Ripple is 0.84% higher at $0.2138, Ethereum is 2.42% higher at $204.14, and Litecoin is 1.44% higher at $45.71.
Bitcoin price is 1.69% higher at $8,871, reaching the recent highs and adds to bullish momentum above the $9,000 mark. The critical point is now the $9,000 mark. Long positions are sitting comfortably as long the price holds above $9,000 while the technical outlook for the long term is bullish for BTCUSD above the 100 and 200-day moving average.
On the upside, first resistance stands at $9,383 the daily high. The next resistance will be met at $9,480 the high from April 30. In case of a move higher, then the bulls will be looking for an extension above 9,675 the high from February 20.
On the other hand, initial support for bitcoin stands at 9,030 the daily low. The next level to watch in case of further correction is at 8,749 the low from May 5 trading session. Bears will regain control below the 100-day moving average at $8,004.