Bitcoin Price Analysis: BTC/USD dumps fast, $9,600 in sight

• Bitcoin spirals towards $9,600 on failing to break above the resistance at $10,000.
• Volatility in the market means that Bitcoin price could either swing to $10,500 or to $9,000.

Bitcoin price continues to close in on $10,000 following an impressive recovery witnessed towards the end of last week. The weekend trading saw BTC/USD struggles to crack the barrier at $10,000, however, the struggle still continues. The largest-crypto is trading at $9,725 during the Asian session and Monday amid calls for a jump above the critical $10,000.

CME Bitcoin futures hit $1 billion in daily volume

One of the oldest Bitcoin futures trading platforms Chicago Mercantile Exchange (CME) has been posting record-breaking volumes even at the time Bitcoin price was diving in the last few weeks. Data by skew, a known crypto data monitoring platform indicated that last week was the third time history to see Bitcoin futures volume on CME hit $1 billion.

Bitcoin price technical picture

The rise in the volume of Bitcoin futures across multiple platforms has been a positive influence on Bitcoin. However, many analysts argue that is not the only reason why the largest traded crypto asset is performing incredibly well. The upcoming May 2020 halving event, the Coronavirus outbreak in China and the increase in institutional investments are just but a few fundamental and macro factors contributing to the growth.

If Bitcoin closes the week above $10,000, there is a chance that it could hit highs above $11,000. However, some analysts say that there is a chance that Bitcoin will undergo a massive drop before the May 2020 event. However, a recovery of its kind would erupt toward the end of the year.

Meanwhile, BTC/USD is fast dropping towards $9,500 after failing to break above $10,000. Volatility is high while rising channel support is trying to stop the losses. The RSI is sloping back to 50 and eyeing 30 amid increased selling activity. If the channel support gives in Bitcoin price could soon be on a rabbit hole path to $9,000.

BTC/USD daily chart