Industry news:
Trading volume for Bitcoin (BTC) options from the Chicago Mercantile Exchange, or CME Group, has increased by over 100 percent in just the first week after their launch.
Bitcoin options volumes more than doubled in the seven days following their introduction on January 13, 2020. The volume recorded, as of January 17, was 122 contracts, valued at 610 BTC, which is currently worth $5.27 million. On day one of their launch, BTC options volume was only 55 contracts, or 275
BTC, which is presently worth $2.37 million.
Open interest on Bitcoin options contracts remained steady at 219 contracts on Friday, which is valued at an estimated 1,095 BTC, or $9.45 million at current prices.
Technical analysis:
BTC has been trading sideways at the price of $8.626. I found that the level of $8.440 is critical pivot level for BTC and further direction. My analysis from yesterday is still valid. In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725. In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.
Stochastic is in overbought zone and we got fresh new bear cross
MACD oscillator is still showing positive reading above the zero but the momentum is decreasing to the upside.
Resistance level is seen at the price of $9.000
Main support pivots are set at $8.440 and $7.725
