Analysts Explain Why CME’s Bitcoin Futures Just Exploded 15% to $9,000

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Bitcoin bulls have not let up the pressure since breaking $7,800 just 12 hours ago. As of the time of this article’s writing, the cryptocurrency just broke past $9,000 for the first time in seven weeks. With this, BTC is up 15% in the past day.The $9,000 price point has only been printed on the CME’s Bitcoin futures contract and a select set of exchanges thus far, but considering the momentum that the cryptocurrency has seen, a market-wide $9,000 Bitcoin seems to be a matter of time.Chart from TradingView.comFrom the lows of $3,700 seen during the March crash, the cryptocurrency has gained a jaw-dropping 140%, out-performing basically any other multi-billion-dollar asset within that same time period. It’s a stark reminder of the resilience of this space amid tumultuous macroeconomic times.What’s Behind the Explosive Bitcoin Move?Speaking to Bloomberg on April 29th, top executives in the cryptocurrency space weighed in on what is likely causing Bitcoin to rally so far, so fast.Roch Rosenblum, the co-head of trading at GSR, remarked that the ongoing BTC rally is predicated on the macroeconomic environment, which he suggested is working in the favor of cryptocurrency:“This latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We’re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May. This clearer path forward helps explain why stocks and Bitcoin stabilized over the last seven days, along with today’s burst.”

Via: https://www.newsbtc.com

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