CME registered the sharp decrease of Bitcoin futures trading volumes. BTC/USD locked in a tight range as $9,000 remains unbroken. The volume of Bitcoin futures on CME has collapsed amid the massive deterioration of investor confidence and growing anti-risk sentiments. While the jury is still out on Bitcoin’s status as a safe-haven, the latest developments confirmed that the cryptocurrency moved in sync with risky assets such as equities. Bearish price momentum resulted in the depressed trading volumes on Bitcoin’s CME futures as investors preferred to withdraw from the market amid lack of clarity about Bitcoin’s price movements. According to Alex Krúger, a well-known cryptocurrency analyst, the trading volumes will continue falling down in tandem with the global meltdown. However, the CEO of Coinbase believes that loose monetary policy adopted by central banks around the globe will be beneficial for Bitcoin at the end of the day. A down stock market and interest rate cuts may lead to growth in crypto this year. Governments around the world are likely to look to stimulate the economy in any way they can, including using quantitative easing and expanding the money supply (printing money), he said. BTC/USD: Technical picture At the time of writing, Bitcoin is trading at $8,800, mostly unchanged on a day-to-day basis and since the beginning of the day. The coin retreated from the intraday high of $8,847, while critical $9,000 remains out of Bitcoin bulls’ reach. The inability to clear this barrier bodes ill for Bitcoin buyers and signals that more sell-off may be in store for the asset. On the intraday charts, BTC/USD recovery is effectively capped by SMA50 4-hour, which coincides with the above-mentioned intraday high. once this barrier is cleared, the upside momentum may gain traction with the next focus on $8,900 and, eventually $9,000, which is regarded as a key level for Bitcoin’s recovery. The next strong resistance comes at $9,300 (SMA100 4-hour, 38.2$ Fibo retracement for the downside move from July 2019 high to December 2019 low). On the downside, BTC/USD is well supported by $9,700, This level is reinforced by SMA200 daily that has been limiting the decline since the beginning of the week. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $8,600. BTC/USD 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD trades with modest losses just above mid-1.3300s, focus remains on BoC FX Street 3 years CME registered the sharp decrease of Bitcoin futures trading volumes. BTC/USD locked in a tight range as $9,000 remains unbroken. The volume of Bitcoin futures on CME has collapsed amid the massive deterioration of investor confidence and growing anti-risk sentiments. While the jury is still out on Bitcoin's status as a safe-haven, the latest developments confirmed that the cryptocurrency moved in sync with risky assets such as equities. Bearish price momentum resulted in the depressed trading volumes on Bitcoin’s CME futures as investors preferred to withdraw from the market amid lack of clarity about Bitcoin's price movements. According to Alex Krúger, a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.