Bitcoin futures go ballistic on Binance: BTC/USD remains lethargic under $8,400

Binance Bitcoin futures volume spike above 32,500 BTC overtaking spot trading volume in 24-hours.
Bitcoin price technical levels point towards a sideways trading direction in the coming sessions.

While Bitcoin price remained largely unchanged between$8,200 and $8,400 in the last 24 hours, Bitcoin futures trading volume on Binance hit above 30,500 BTC. Binance connected the remarkable performance to its recently launched Binance futures markets. The above figure is said to have zoomed above the Binance spot trading which posted a 24-hour volume worth 219,868,241 in USDT.

Bitcoin price update

On the other hand, Bitcoin price has remained lethargic under $8,550. The brief surge that catapulted BTC above $8,000 from lows formed around $7,700 and hit a weekly high at $8,550 (Fibonacci swing high). On the brighter side, the downtrend that followed found refuge at the 100 simple moving average (SMA) one-hour, coincided with the support at $8,200.

At press time, BTC/USD is trading at $8,306 having broken below the accelerated trendline support (dotted). The price is fighting to break above the 50 SMA whole the immediate downside protected by the confluence formed by the 61.8% Fib level taken between the last swing high of $8,550 to a swing low of $7,748 and the 100 SMA.

According to the technical indicators applied to the chart, the path of least resistance is sideways. The relative strength index (RSI) is moving horizontally above the average. At the same time, the moving average convergence divergence is leveling below the mean line (0.000) further suggesting that Bitcoin will keep a horizontal direction while the upside capped at $8,400.

BTC/USD 60’ chart

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