Bitcoin Crosses Above $4,000: Genuine Rally or Bull Trap?
Just two days after Cboe announced that it was going to delist bitcoin futures, the cryptocurrency's spot market turned near-term bullish.
My commentary follows:
I think the very fact that a futures get listed for an asset on a major market place is bearish in itself. That's because what futures do is enable investors to make money by shorting an asset whose price is going down. In a market as poorly regulated as the cryptocurrency market that means there is potential for someone with deep pockets to manipulate the market every which way the want to in the short term and to make money regardless of the price action. So, I'm not particularly surprised to see BTC become bullish in the short term when Chicago Board Options Exchange (CBOE) announces it is going to delist Bitcoin futures.
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It was an interesting and surprising move for Bitcoin price to hit above $4000
But the position looks brittle as we are still in bearish territory. Seen now the price movement is shaky.
Some analyst says it needs to go decisively above $4000, like above $4300 before a breakout can be confirmed.
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