Bitcoin opened at $241 today which is $5 less than the last update. BTC/USDhas witnessed a flat trade for almost all of the day until it underwent a dip of $5 from the earlier price of $249.98 per coin. With the fall, the bitcoin has been trading flat ever since with BTC closing at $242.96 on BTC-E, OKCoin at $244.54 and BitStamp at $245. Other spot exchanges are trading at $246 per coin in BTC to USD conversion.

Futures Premiums Take Turn for the Worse 

As if the drop in spot exchange of BTC to USD wasn’t enough, there has also been a downward shift in the futures premium as well. Even though the BTC futures of OKCoin have been trading at a premium value when compared to other spot exchanges, the difference between the two has not only been bridged but is now heading in a reverse direction with most of the futures being cited below the spot price. For example, the contract slated to expire on 17th April has been quoted at $243.10. The quarterly contract to close on June 26th has been trading at $245.11. Until yesterday, this contract was reportedly trading at a $4 premium as compared to its peers of short dated contracts.

Another Alarming Drop for OKCoin

Worst hit has been OKCoin that noticed a steep fall of $13. This compares to the $5 fall on BTC-E and $9 at the spot exchanges. Due to the sharp drop of the future prices, the short dated contracts have suffered immensely and are trading far below the index price which is $244.74 currently. BTC index has been defined as a price at which the futures contract settles. This price is obtained by taking an average of bitcoin prices at all the top exchanges.

Worrying Trend for the Bulls

 These alarming drops at both the levels may become a cause of concern for bullish investors. Initially, the market was receiving the bitcoin well and it was priced at a higher value, especially with long-dated contracts expiring in June. However, noticing the worrisome trend, they are now discounting the on-going market price. The latest development, however, does not qualify for trade by itself. More technically speaking, BTC/USD still falls within the range. But to be able to confirm bearish situation, the $234 needs to breach. The more noted levels of support can include both $225 and $210.

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