Bitcoin [BTC] operates on “Buzz,” says analyst after CME Bitcoin futures volume hits record high

Bitcoin [BTC], the largest cryptocurrency by market cap, was the highlight of the cryptocurrency space after it breached the $5000 mark at the beginning of this month. This bull rally saw other cryptocurrencies pumping by significant margins, while some even recorded price hikes higher than Bitcoin [BTC] itself.

Since then, Bitcoin and other cryptocurrencies have been doing well, with some investors expecting the coins to breach more resistance levels. This rise also had a significant effect on the Bitcoin futures market as the CME Bitcoin futures volume hit a record high, according to an article by Bloomberg. The report stated that the new all-time high was recorded on 4 April with 22, 542 contracts, which was equivalent to 112,710 Bitcoins being traded.

Source: Bloomberg

Source: Bloomberg

Joseph Young, an analyst and investor, tweeted,

“CME bitcoin futures recorded $546 million in volume on April 4 and most of it came from Asia according to Bloomberg. With China seeing strong OTC bitcoin buys (as reported by @cnLedger), it seems like the overall interest in crypto in Asia is rising fairly rapidly.”

During an interview with CNBC this week, Jeff Kilburg, Founder of KKM Financials, and Jim Iuorio, spoke about how long this boom would last.

Jeff Kilburg stated that they are expecting a big move ahead before the turnaround, adding that irrespective of what the catalyst was, Bitcoin seemed to have sustained its jump. He said,

“So, I want to be a buy at $5150. I think there’s more room to run. I see resistance way up at $6300, but from a futures Now perspective, I want to buy at $5150 with a target of $5650, that’s $500 higher. However, be stopped out in the event we see some weak longs get flushed out of the market; be stopped at $4900 in the Bitcoin  contract.”

Jim Iuorio added that the “buzz” for Bitcoin resurfaced when it stepped back into the $4000 alley, adding that the “buzz” was what Bitcoin trades on. He said,

“[…] but once it went through $4000, something definitely palpable happened. I actually think my target in the upside is closer to $6000, so I’m right in this straight. And that means three for three Jeff and I are agreeing on trades, which I think the worlds going to end or something right?”

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