Bitcoin Futures Meets Key Resistance Level

Bitcoin Futures got off to a shaky start on Tuesday after the cryptocurrency failed to breach a major resistance level of $12,000 during yesterday’s regular trading hours.

While all signs pointed to BTC on its way to re-gaining some footing, a key resistance point at the 38.2% Fibonacci level could not be broken. Should the cryptocurrency sustain a close above the 38.2% level, traders can look for BTC to test the 50% line around the $13,400 mark. Otherwise $9,500 is a potential support zone at the 23.6% retracement level.

Bitcoin Futures Chart

Despite both the 21 and 14 period moving averages drifting upward over the last few sessions, volume on the digital currency is rather lack luster struggling to hit an average < 1,000 contracts/day.

As the fear of a trade war begins to fizzle, investors’ appetite for risk will likely return drawing more interest in stocks & commodities. The shift could hinder BTC from a near-term market swing due to the pre-existing lull in volume.

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