Bitcoin’s pre-halving surge looks to be in play as the leading digital asset crosses $7,250 price range that served as its barrier for about 19 days, reaching $7,500 with over 6% gain in the last 24 hours.
The impressive surge has introduced captivating records like liquidation surge on BitMEX exchange to around $70 million worth, and CME Bitcoin futures which rose by about 500% in just one day.
The CME Bitcoin futures volume presented a one-month milestone as Bitcoin continues to ramp up for higher resistance, signaling a golden cross.
Yesterday, CME bitcoin futures volume attained a new height, a level it did not reach in the last one month, tracking platform Skew relates.
Skew illustrated in a graph that the Bitcoin futures reached a daily volume of $500 million yesterday. Having recorded volume below $100 million the previous day, the Bitcoin futures surged by about 500% within 24 hours.
Similarly, CME Bitcoin futures open interest also witnessed a significant surge yesterday. The open interest also presented one month high, after surging from around $140 million to about $180 million in just one day.
“~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today,” Skew stated.
CME bitcoin futures volume & open interest reached a one month high yesterday
~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today pic.twitter.com/T2cywQBfO6
— skew (@skewdotcom) April 24, 2020
Bitcoin Fractal Signalling Golden Cross
As leading crypto asset BTC manages to break above its key resistance, reaching a benchmark price of $7,500, Bitcoin’s fractal is now signaling a possible golden cross.
The tremendous surge in price was said to have been caused by the buying pressure witnessed on Thursday, April 23.
The short-term moving average has now crossed above the long-term moving average to register a bullish indicator that points out the possibility of a golden cross. Hence, Bitcoin aims to sustain a broadened bull run.