Today is the expiry date of the Bitcoin futures contract at the Chicago Mercantile Exchange (CME). Although the open interest (OI) of Bitcoin futures at CME stands at 13,971 with a value amounting to almost $300 million, a decrease compared to previous peaks above $1 billion, it is expected to have minimal impact on the price of the spot market. This is further corroborated by a buy signal from TradingView and the bulls from the five-day CME Futures chart, which might lead to the target level of around $33,000 in the near future.

Meanwhile, Bitcoin is going through a short-term bullish pattern, making it unlikely for the futures contract expiry to have a major impact. The asset is currently priced at $28,182 and has dropped 1.4% in a fall to this level, but remains up 12% over the past two weeks.

CME Group recently announced the trading of Event Contracts on Bitcoin futures and cash-settled, daily expiring contracts that complement the existing suite of ten event contracts, according to Global Head of Equity at CME Group Tim McCourt.

The major hurdles BTC prices need to cross, however, is the resistance area at $30,000. With the FUD surrounding the CFTC Binance lawsuit dissipating, and with a possibility to fill the remaining gap between the spot price and futures contracts, the possibility of BTC prices reaching the $30,000 level is more attainable.

Today, the Bitcoin futures contracts at CME expire, making way for the speculations on their potential impact on the price of the crypto. Although open interest and value stand much lower than previous peaks and a buy signal from TradingView signal bullish sentiment, the long-term success of BTC prices depends on the overlying resistance area at $30,000. Overall, with the expiry of the futures contract and cash-settled, daily expiring contracts, the chances of BTC reaching the $30,000 mark become more apparent.



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