CNBC contributor and founder of crypto investment firm BKCM, Brian Kelly, says the fact that Cboe has pulled the plug on Bitcoin futures indicates the retail sellers are exhausted.
“This tells me that retail traders are out of the picture, because these Cboe futures were one contract, so about $3,900, versus CME were five [contracts], so about $20,000. So I think retail is exhausted. You’re starting to see sellers being exhausted.
And institutions are coming in. Fidelity is a catalyst coming up in Q2. I think with all those things combined, we might look back and say, ‘You know what? In the $3,000s was a great place to buy Bitcoin.'”
Right now, the crypto market is mostly in the green. At time of publishing, Bitcoin is up 1.12% at $4,008. Ethereum is up 0.55% at $138, and XRP is up 1.5% at $0.3174.
Overall, technical analysts are looking bearish on Bitcoin and XRP, with mixed outlooks on Ethereum.
Bitcoin
FX Empire – Bears are looking for a way back to sub-$4,000
Ethereum World News – Bitcoin still in correction mode, RSI indicates selling pressure in play
CoinDesk – BTC faces minor price retreat amid increasing bull exhaustion
Ethereum
Ethereum World News – ETH might be done with its slide
ETHNews – Ether eyeing last line of defense
NewsBTC – ETH trading near crucial juncture
XRP
NewsBTC – XRP could decline to $0.3000 as sellers take control
FXStreet – Market trending in a narrow range as bears take over
Blockonomi – XRP bears gaining control, price could extend downside correction
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