Bitcoin Price Under CME Futures Influence: Is a Breakout Still Ahead?
Key Insights:
- Bitcoin price remains under pressure as CME futures activity slows.
- Weak spot BTC crypto demand continues to limit the chances of a fresh rally.
- Market Analysts say stronger buying is needed before the market can break higher.
Bitcoin price is moving without a clear direction as weak futures activity and soft spot demand continue to weigh on the market. Recent BTC crypto data shows traders are still holding back, with analysts saying stronger buying is needed before the market can push into a fresh rally.
Bitcoin Price Feels The Impact of Weak CME Futures Activity
Bitcoin price is still searching for direction as new data points to weaker activity in the futures market. Figures shared by Bitfinex show that one of the most popular trading strategies has become less attractive this year.
The exchange said the BTC crypto carry trade is no longer paying as it did before. The basis, which is the gap between spot prices and CME futures prices, has stayed below 5.5% this year. Last month, it dropped below 2%.
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