BTC Futures. Bulls fade. Robust gain de-established.BTC has reached the top around US$ 73700 on March 14, 2024 as it was clearly explained in previous publication.
Since that it's gone around 1 month till now, and no one new high was printed in BTC.
Bulls fade. Robust gain de-established. Upside bubble-alike trend transformed into detrend structure with flat top near US$ 73000 per BTC.
RSI (14) is sluggish also.
This idea is for b-adj CME’s Bitcoin futures contracts, ticker symbol BTC, which are a USD cash-settled contracts based on the CME CF Bitcoin Reference Rate (BRR), which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin.
The BRR aggregates the trade flow of major bitcoin spot exchanges during a one-hour calculation window into the U.S. dollar price of one bitcoin as of 4 p.m. London Time.
The Bitcoin futures contract trades Sunday through Friday, from 5 p.m. to 4 p.m. Central Time (CT).
A single BTC contract has a value of five times the value of the BRR Index and is quoted in U.S. dollars per one bitcoin. The tick increments are quoted in multiples of $5 per bitcoin, meaning a one-tick move of the BTC future is equal to $25.
BTC futures expire the last Friday of the month, and are listed on the nearest six consecutive monthly contracts, inclusive of the nearest two December contracts.
Technical graph indicates on a detrend structure, where near 73K per BTC is the Top, and near 55K is the target.
Technically, BTC can retrace to mentioned above level as it still below reasonable resistance.