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FxWirePro- Woodies Pivot(Major) 
Bitcoin price extended its recent rallies after it broke-out decisively the resistance zone of $3,675 - $3,750 mark against the US Dollar. BTCUSD forms spinning top at $4,008.80 levels to hamper previous bullish momentum. The price of this pair has surpassed $4k mark to extend bullish streaks yesterday and hit 6-weeks highs (refer daily chart). In this process, the minor trend of this pair has formed a wedge pattern, although the current price spikes above 7-DMAs with bullish crossovers, failure swings are observed at wedge resistance.
We observe buying momentum, but the same has been shrinking away ahead of the expiry of BTCG19 CME futures.
Well, it is already been highlighted, we reiterate that this 22nd February, the latest round of BTCG19 CME futures (contract started on December 3rd2018) expires.
The nature of futures contracts would imply that they need to be settled on a set, predefined date, based on a contract.
All CME contracts will have to be traded, or settled, before this date. There is generally a fall in the trading volume of futures around expiration dates, that coincides with a rise in volatility and potential short/long squeezing.
On a broader perspective, the underlying price has retraced more than 78.6% Fibonacci levels but for now, attempted to consolidate.
Some constructive news like Bakkt’s approval by the US Commodity Futures Trading Commission (CFTC), on the proposed Bitcoin futures trading system could stimulate a strong Bitcoin turnaround.
As Bakkt is designed to fortify Bitcoin’s fundamentals in addition to facilitating trading mechanism. They reckon that the collaboration with tech giants like Microsoft and retailer Starbucks, likely to incubate the advancement of the pragmatic and useful applications that are essential to attracting mass cryptocurrency adoption in the upcoming generation.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 29 (which is mildly bullish), while hourly USD spot index was at -35 (mildly bearish) at 08:15 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
