Veteran trader PeterBrandt debunks notion of Bitcoin price being controlled BTC Crypto $BTC Cryptocurrency
To suggest that the CME controls the price of BTC is utter hogwashIn answer to this, he gives Bitcoin's global daily trading volume as approximately 2.5 million BTC, while the daily trading volume at the CME is nearly 45,000 BTC."To suggest that the CME controls the price of BTC is utter hogwash," he concluded.
Cryptoanalyst Willy Woo, who commented on the post made by the veteran trader, believes that the futures market overall influences the Bitcoin price, of which the CME is a small part."Worth noting: BTC USD futures volume dwarfs spot. While CME is a small part of the total futures, the futures market is the majority. Futures markets undoubtedly lead the price more than spot," he stated.
After a brief recovery at the $19K mark, Bitcoin was trading slightly lower at $19,168 at the time of publication. Jamie Dimon, the CEO of JPMorgan, did not do the digital asset markets any favors when he reiterated his skepticism and referred to cryptocurrencies as"decentralized Ponzi schemes."Some traders may seek confirmation that a bounce is probable from indicators like Bitcoin's 14-day relative strength index. The momentum indicator, the RSI, is almost at oversold levels.
The TD Sequential, according to cryptoanalyst Ali,"presents a buy signal on the daily chart, which might support a BTC recovery towards $20,000." To prevent a decline to $16,500, BTC must maintain a price above $18,000.
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