Newsflash: Bitcoin Price Pops to $6,745 ahead of Quarterly Futures Expiration

The bitcoin price broke out of its early-week slump on Thursday, scrambling back above $6,700 to return to its weekend levels.

Bitcoin had entered the week near $6,700 after briefly extending as high as $6,815 last Friday. However, the flagship cryptocurrency took a moderate dip on Monday, a correction that ultimately forced BTC below $6,400 on Tuesday ahead of a recovery back to $6,500 on Wednesday.

BTC/USD | Bitfinex

That’s where BTC/USD continued to trade for most of Thursday morning and afternoon, at least until 19:48 UTC when a surge in volume carried the bitcoin price from $6,549 to $6,690 in less than four minutes. At 20:02 UTC, bitcoin broke past $6,700 for the first time since Sunday and popped as high as $6,745 one minute later. As of the time of writing at 21:09 UTC, BTC/USD was trading just above the $6,700 level at $6,702 on Bitfinex.

Several traders have noted on social media that tomorrow, Sept. 28, is the date that quarterly futures expire on OKEx, BitMEX, and CME, events that tend to be accompanied by increased price volatility in the spot markets.

Click here for a real-time bitcoin price chart or here to read CCN’s latest intraday BTC/USD technical analysis.

Featured Image from Shutterstock. Charts from TradingView.

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Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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